2012 the first exchange of Greece debt took place which reduced the private tranche of debt by 2/3. The newly issued bonds whoch at issue traded near 100% of nominal rapidly lost value as investors lost confidence again and some traded even below 14% of nominal. A second exchange followed as it was to juicy for Greece to not reduce its debt further. These low levels were close to risk less as it was highly probable that the rich northern Europpean countries would not let this opportunity pass by. The second exchange took place at around 30% of nominal, 100% more than the lows and the non-participating bonds after the exchange even traded up to 90% again.
GAMAG Black + White Ltd. profited by way of its participation with a leading Distressed Asset funds handsomely.