Apple's iPad plays crucial role in Greece's debt restructuring
One-hundred iPads were used to coordinate tens of thousands of bondholders signing off on the restructuring of Greece's debt.
Bob Apfel of Bondholder Communications Group was tasked with getting roughly 100,000 bondholders from around the globe to sign off on a series of complex restructuring transactions. He told Philip Elmer-Dewitt of Apple 2.0 that he decided to do "something different," and bought 100 iPads to ensure the process went as smoothly as possible.
The iPads were outfitted with a custom debt restructuring app and provided to representatives from a number of organizations, including the Greek Finance Ministry, the Hellenic Exchange, the Bank of Greece, and the external banks that managed the deal. The goal, Apfel said, was to create a "platform that could follow the financier," as most of the leadership team spent their time on the road, rather than in an office.
"It was the largest financial transaction in the history of the world," Apfel said, "and we couldn't have done it without the iPad."
The leadership team finalized the deal and it was closed on April 25. In all, it reduced the Greek debt by $130 billion, from $270 billion to $140 billion.
As use of the iPad has grown in the enterprise, the financial services industry in particular has found new ways to adopt Apple's iPad. Data from Good Technology released in April cited the financial industry as one of the most popular business segments for activation of the iPad.
Bob Apfel of Bondholder Communications Group was tasked with getting roughly 100,000 bondholders from around the globe to sign off on a series of complex restructuring transactions. He told Philip Elmer-Dewitt of Apple 2.0 that he decided to do "something different," and bought 100 iPads to ensure the process went as smoothly as possible.
The iPads were outfitted with a custom debt restructuring app and provided to representatives from a number of organizations, including the Greek Finance Ministry, the Hellenic Exchange, the Bank of Greece, and the external banks that managed the deal. The goal, Apfel said, was to create a "platform that could follow the financier," as most of the leadership team spent their time on the road, rather than in an office.
"It was the largest financial transaction in the history of the world," Apfel said, "and we couldn't have done it without the iPad."
The leadership team finalized the deal and it was closed on April 25. In all, it reduced the Greek debt by $130 billion, from $270 billion to $140 billion.
As use of the iPad has grown in the enterprise, the financial services industry in particular has found new ways to adopt Apple's iPad. Data from Good Technology released in April cited the financial industry as one of the most popular business segments for activation of the iPad.
Comments
Interesting. Yet another validation of the iPad in the enterprise.
Unfortunately, the next version of the "Debt Restructuring App" will likely have just one setting: Default.
Ironic enough, the guy's name is Apfel!! JAJAJA
(PS: just in cases someone didn't get it, Apfel is "Apple" in German)
Quote:
Originally Posted by awadulcecity
Ironic enough, the guy's name is Apfel!!
Where's the irony?
Quote:
Originally Posted by DrDoppio
Where's the irony?
Over there, in the box.
Oh, never mind; that's the ambiguity...
Quote:
Originally Posted by Napoleon_PhoneApart
Over there, in the box.
Oh, never mind; that's the ambiguity...
You lost me there...
Quote:
Originally Posted by KPOM
Interesting. Yet another validation of the iPad in the enterprise.
Unfortunately, the next version of the "Debt Restructuring App" will likely have just one setting: Default.
It's looking that way, isn't it. This isn't the kind of story that Apple probably wants to figure prominently in. No doubt, when that default happens, a lot of people will blame Apple.
Cute story although I wouldn't say it played a 'crucial' role.
"In all, it reduced the Greek debt by $130 billion, from $270 billion to $140 billion."
So, this country has settled it's scores on screen by clicking-on a few icons, etc.
Hmmm... Beware of geeks bearing gifs!
Quote:
Originally Posted by Fotoformat
...
Hmmm... Beware of geeks bearing gifs!
Lol, good one!
Don't worry too much. It seems to happen to you a lot.....
What do you expect from someone who calls himself Dr. Dopey?
Quote:
Originally Posted by anantksundaram
Don't worry too much. It seems to happen to you a lot.....
Quote:
Originally Posted by jragosta
What do you expect from someone who calls himself Dr. Dopey?
Get a room bridge, you two...
$140bn here and there, pretty soon you're talking about real money,
"we couldn't have done it without the iPad"
Some of the most productive people I know don't use a computer on a daily basis. They have no iPads. We spend time thinking about how productive we are, how productive we were before - while others are productive.
This is no article at all.
Quote:
Originally Posted by BGW
"we couldn't have done it without the iPad"
Some of the most productive people I know don't use a computer on a daily basis. They have no iPads. We spend time thinking about how productive we are, how productive we were before - while others are productive.
This is no article at all.
This isn't much of a comment either.
You might as well have just quoted Yoda.
“Do or do not... there is no try.”
Quote:
Originally Posted by Ronbo
It's looking that way, isn't it. This isn't the kind of story that Apple probably wants to figure prominently in. No doubt, when that default happens, a lot of people will blame Apple.
They will if they are morons that can't separate out use of a company's products with actual involvement. This isn't like Apple said they would build a plant in Greece or some such.
to be honest this story would have never gotten out if Apple hasn't been the company involved but in truth the story is just as important if they had gone cheap and gotten Kindle Fire's. Because the real story is how tech is changing the world. No more coordinating phone calls, no more reams of paper being used for things that will be shredded in 72 hours anyway and so on. No more kids that weigh 90 pounds hauling around 50 pounds of written in, grimed up, 4 years out of date text books and so on.
"Apple's iPad plays role any other platform could have in Greek debt debacle."
"crucial role"??!
LOL
It was crucial. Had they used an Android tablet, the deal surely would have fragmented.
"It's just a giant iPod Touch"