Buy Back or Pay Forward?

Repos are financing transactions.

If Europe credibly volunteered funds to buy back all Greek debt, the Greek risk premium would disappear and private investors would be fully bailed out. Only the probability of a default and the goal of avoiding even deeper haircuts can induce investors to liquidate their positions at a discount.

Individual derivatives and repo transactions are hardly nefarious.

GDP purchasing power parity in 2003 was around 2.33 billion, GDP real growth rate was approximately 2 per cent and per capita purchasing power parity was 36,000, one of the highest in the world.6 At the same time, Bermuda's high cost of living relegates it to ninth place on the list of countries with the highest purchasing power.7 In September 2004, Bermuda's inflation rate rose to 3.9 per cent, representing the highest inflation level in 14 years.

But the buyback can succeed only if the market perceives it as the last chance before a unilateral debt restructuring. In other words, a successful buyback is a preamble to default.

This was especially true of over the counter markets for foreign currency, securities, derivatives and repurchase agreements.

By adjusting the composition and timely replenishment of SDS, the redeployment rate can be improved.

a Excludes one P 3, one P 2 and three Security Service posts previously approved in the Security and Safety Service that were transferred to the new Department of Safety and Security as at 1 January 2005 in accordance with General Assembly resolution 59 276.

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Purchase

The rate of return of refugees further increased, and their resettlement, together with that of internally displaced persons continued.

I want to buy.

D. Procurement procedures . 80 81 22

Value (millions of United States dollars)

Procurement management

Procurement reform

Procurement

Procurement opportunities

Rationalization of procurement practices

Common procurement services

Electronic procurement methods

The General Assembly,

(Thousands of United States dollars)

D. Procurement procedures

Scope for local purchase

Number of purchase orders Expenditure

Development of procurement expertise

3. Method of procurement . 12 13 11

No. of purchase orders

Without Ecuador s gimmicks, buybacks do not seem to be the solution to Greece s debt overhang.

Dampening the repo market could be economically useful, because this funding has proven to be unstable Bear Stearns and Lehman Brothers used repo heavily in ways that made them unable to withstand investment reversals elsewhere in their business.

Improvement in the rate of redeployment is important for the overall capacity, robustness and effectiveness of SDS.

In the area of procurement and transportation, efforts will be geared towards the achievement of greater coordination in procurement activities.

Procurement and contract management

(a) Procurement and Logistics Services

Procurement training initiative

Procurement policy and procedures manuals

Distribution of procurement activities

Strategic deployment stocks

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Procurement from developing countries

(e) Procurement from developing countries . 14