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Greek Voter Majority Rejects Bailout Referendum



With nearly all ballots tabulated, results from the Greek referendum show voters strongly rejected the terms of an international bailout. Greece’s interior ministry posted figures of 61% voting “No” and 39% voting “Yes”. Syriza, the governing party of Greece, campaigned for a “No” to voters.

Greek Prime Minister Alexis Tsipras addressed his country on television stating, ” As of tomorrow, Greece will go back to the negotiating table and our primary priority is to reinstate the financial stability of the country.”

Germany has the most at stake in terms of losing money as a creditor. Germany has a US$ 68.2 billion direct exposure to Greek debt, followed by France at US$ 43.8 billion – far more than the IMF’s US$ 21.4 billion. Also the European Central Bank has a US$ 18.1 billion direct exposure to Greek debt.

Probability of Grexit Intensifies

Greece is suffering under the heavy pressure of capital controls. The Greek economy has shriveled about 25% over the past six years. Greek banks will encounter serious problems without a massive influx of aid from the European Central Bank.

Greek Finance Minister Resigns

On July 6, 2015, the Greek Finance Minster Yanis Varoufakis resigned.

On Varoufakis’ blog, he said, “Soon after the announcement of the referendum results, I was made aware of a certain preference by some Eurogroup participants, and assorted ‘partners’, for my… ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement. For this reason I am leaving the Ministry of Finance today.

I consider it my duty to help Alexis Tsipras exploit, as he sees fit, the capital that the Greek people granted us through yesterday’s referendum.

And I shall wear the creditors’ loathing with pride.”

Greek PM Tweets Victory

Greek PM Twitter - July 5, 2015

Greek PM Twitter – July 5, 2015

Blackstone Invests in Minority Stake in Kohlberg & Co.



The Blackstone Group’s Strategic Capital Holdings Fund purchased a passive, minority equity interest in private equity firm Kohlberg & Company, L.P. The Strategic Capital Holdings Fund is part of Blackstone’s alternative assets group.

Kohlberg & Co. is based in Mt. Kisco, New York and has a strong focus towards the middle market in private equity. The private equity firm was founded by Jerome Kohlberg, Jr. (passed away July 30, 2015). Jerome Kohlberg, Jr. co-founded KKR and then started his own operation Kohlberg & Co. in 1987 with a preference towards the private equity middle market versus large buyouts.


Evercore served as financial advisor to Kohlberg. Ropes & Gray served as legal counsel to Kohlberg and Simpson Thacher served as legal counsel to Blackstone.

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Mubadala Inches Toward $1.2 Billion Deal for Brazilian Energy



Abu Dhabi-based Mubadala Investment Company is in the final stages of negotiation on a deal to buy Queiroz Galvão Energia SA (QGE) – the renewable energy division of Brazilian oil and natural gas company Queiroz Galvão Participacaoes – at a valuation of nearly 4 billion BRL (US$ 1.2 billion), according to a report from local financial newspaper Valor Econômico. Valor reports that the buyout-centric arm of Abu Dhabi’s overarching Mubadala Investment Company has teamed up with Castlerock Asset Management Inc. on the acquisition, although neither party could be reached for comment at time of writing.

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ADIC Sells Interest in Shiba Park Building



A group of Japanese investors led by Kansai Electric Power (Kepco) and Tokyo Gas acquired the Shiba Park Building, also known as the Gunkan (or warship) building, for a reported 150 billion JPY (US$ 1.4 billion) from a consortium of investors. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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