The Greek GDP warrants could begin to pay out in 2015, based on the country having experienced a minimal recovery by then. The warrants pay out in the euro value of Greece’s total output, whether it stays in the euro or not. They only begin a sort of pseudo-amortisation, at the rate of 5 per cent a year in 2023. Right now they trade at about 32 or 33 cents, which means that is what you pay for the possibility of receiving one euro in 2015. We could debate that, but the chance that a buyer would come into the money very nicely before 2020 is, I believe, quite good.
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