Pagratis, Spyros, (2013), “Beware the Warrants”, Greek Economists for Reform.com, 20 Μαΐου.
Current provisions for a too-early exit of the Hellenic Financial Stability Fund from Greek banks risk creating self-reinforcing market dislocations. By offering too many free warrants to private investors, at predetermined exercise prices, share prices of Greek banks could be driven consistently away from fundamentals. That could undermine the smooth transition to full private-sector ownership of the Greek banking system.