The debt of Greece was reduced from $270 billion to $130 billion using iPads. The company who was tasked with managing the debt restructuring devised a process that used iPads because it enabled the decision makers to have access to the necessary tools and secure connections when on the road. Bondholder Communications Group Bob Apfel told Fortune: "It was the largest financial transaction in the history of the world. And we couldn't have done it without the iPad."
Describing the network that his company set up, Apfel said: "I wanted to do something different. So I bought 100 iPads." Apfel gave these iPads to representatives from the Greek Finance Ministry, the Hellenic Exchange, the Bank of Greece and the three external banks that managed the deal. These iPads ran a custom-made debt-restructuring app. Wherever they were, thanks to the iPads this team had access to analytic tools and real-time, secure connections to both the global clearing systems and the back offices of banks around the world, explained Apfel. "There was a palpable need to create a financial decision-makers' platform that could follow the financier - not vice versa," added Apfel. The iPads enabled "split-second decisions were made that couldn't have been made without the data platform," Apfel told Fortune.
Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.