First, the Eurocrat installed to govern Greece warned that Greece would default in three months unless foreign bondholders agreed to accept major "voluntary" losses.

Mr. Rubin said that foreign bondholders were the unintentional beneficiaries of an American financial rescue aimed at helping Mexico.

Where dividends for equity investors can always be trimmed or eliminated in hard times, foreign bondholders must still be paid, and in hard currency.

Shortly afterwards he was sent to Spain on a financial mission by a council of foreign bondholders.

In any event, the foreign bondholders requested other receivers be appointed, and one of his lieutenants, Henry Fink, was named.

On February 23, 1919, bankers and representatives of foreign bondholders created the ICBM.

It is said to be also driven by a desire to encourage foreign bondholders to buy more Treasury securities.

From there, officials will travel to the United States and Europe to push for the proposal with foreign bondholders, many of whom have already criticized the idea in outline form.

To keep that new aid from simply flowing out to foreign bondholders, Argentina might have to restructure its debts in a way that penalizes bondholders.

In this last phrase the Minister Plenipotentiary, cruelly humiliated by the bad faith of his Government towards the foreign bondholders, stands disclosed in the patriot.