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Old 10-05-2015, 10:06 AM   #1
bob_denard
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Default European Central Bank sued by 200 investors over Greek debt deal

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Central bank accused of violating its creditor status in case which opens door to host of legal action

The European Central Bank is being sued by more than 200 investors over its role in Greece's debt restructuring, in a case which could pave the way for a raft of legal action from the private sector.

A group of Italian retail investors are claiming damages in excess of €12m from the ECB for an alleged violation of its "equal" creditor status during the biggest private sector debt restructuring in history in 2012.

During the episode, the ECB was able to "swap" its holdings of Greek government debt for protected bonds with no repayment date. The move ensured the ECB did not suffer losses from the deal to stave off a Greek bankruptcy in March 2012.

Private sector creditors, however, were forced into accepting a 53.5pc "haircut" on their holdings.

In total, the restructuring wiped off more than €100bn from the country's debt pile and ensured Greece received its second international bail-out.

The ECB also later allowed national central banks to repurchase Greek government debt at a discounted rate.

European Central Bank sued by 200 investors over Greek debt deal - Telegraph

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