How 100 iPads saved 100 billion euros
Cash strapped Greece saved itself €100bn thanks to a debt-restructuring masterminded by Bob Apfel, head of Bondholder Communciations Group. The secret of the efficient operation, involding around 100,000 bondholders around the world, was a special computer network and 100 Apfel iPads:
The Apple (AAPL) tablets, equipped with a custom-made debt-restructuring app, were handed out to the leadership team, including representatives from the Finance Ministry, the Hellenic Exchange…., the Bank of Greece….. and the three external banks that managed the deal, Deutsche Bank, HSBC and Lazard.
In an interview with CNN Money, Apfel said that the restructuring was the largest financial transaction in the history of the world and that they couldn’t have done it without the iPad.
Personally, having something of a vested interest in Greek debt, I can’t help thinking that the success of the iPad is a temporary phenomenon. Maybe Bob Apple will buy 200 iPads for the next round of default. It’s called inflation.