Skip to main content

Greek language

See All Stories
Site default logo image

How 100 iPads helped close the deal on Greece’s debt crisis

Bob Apfel, the founder of Bondholder Communications Group, told Fortune this morning that he completed the debt restructuring of Greece a couple of weeks ago with the help of an iPad. Well, 100 of them—to be exact.

Greece looked at bankruptcy head-on just a few months ago, but it found mercy through a round of restructuring transactions where the country settled for a smaller percentage of the its bonds’ paper value. Thousands of bondholders needed to first give the go-ahead, but such an endeavor, as Fortune coined it, was a “logistical nightmare.”

At that point, Apfel said he bought 100 iPads equipped with a customized app for debt-restructuring. His team of financial wizards received the tablets and immediately met with investors and other money gurus across the European Union. Of course, the iOS tablet successfully helped Apfel and his firm to close the deal that shrunk Greece’s debt to a more manageable sum.

According to Fortune:

  • Toward the end, things got pretty exciting.
  • ‘I watched hundreds of millions of bonds being ‘slam dunked’ as these guys were running down the halls,’ says Apfel. ‘Split-second decisions were made that couldn’t have been made without the data platform.’
  • When last deal finally closed on April 25, $270 billion of Greek debt had been reduced to $130 billion.
  • ‘It was the largest financial transaction in the history of the world,’ says Apfel. ‘And we couldn’t have done it without the iPad.’


Related articles

Facebook goes Retina on iPad, other improvements

Like everyone else, Facebook is going Retina.

What’s New in Version 4.1.1

In this release, we added some features and fixed some bugs so now:
– You can go offline in chat
– The right profile picture appears for everyone
– Your list of friends always includes all your friends
– In sets of photos, your name is displayed correctly
– Photos of people who like Facebook Pages load correctly
– Your friend-request notification only lights up if you have a request
– You can change your language to Czech, Danish, Greek, Indonesian, Malaysian, Norwegian (Bokmal), Portuguese (Portugal) or Thai
– If you’ve got a new Retina iPad, you’ll see a crisp, high resolution interface