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Fortune: How 100 iPads Reduced Greece Debt by $140 Billion - iPad in Canada Blog - Canada's #1 iPad Resource iPad in Canada Blog – Canada's #1 iPad Resource

Fortune: How 100 iPads Reduced Greece Debt by $140 Billion

by on May 22nd, 2012

For those that keep up with world events, you know that Greece has had some trouble in recent times.

To improve the situation, Bob Apfel, founder of Bondholder Communications Group, took 100 iPads and reduced Greece’s debt by $140 billion!

With Greece on the verge of bankruptcy a few months ago, the country went through a round of restructuring transactions and settled for a smaller percentage of its bonds’ paper value. However before doing so, thousands of bondholders needed to agree, which would be very difficult from a logistic standpoint.

So what to do? Well Apfel went out and purchased 100 iPads and loaded them up with a customized app for debt-restructuring.

After receiving the iPads, his team met with investors across the European Union and, with help from the iPad, closed the deal to significantly reduce Greece’s debt.

As per Fortune:

“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.”

The iPad is like a super-hero. I wonder where it will go next and what good deeds it will do?

[via Fortune]

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