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German investors 'could sue Greece'
Published: 10 Mar 12 09:07 CET | Print version
Online: http://www.thelocal.de/money/20120310-41253.html
The German association of small investors SdK said it was considering legal action against Greece after Athens activated clauses to force creditors to accept an unprecedented debt swap.
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"The Greek debt exchange offer is interesting on a financial level, even for small debt holders," an SdK statement released late Friday acknowledged. "But its technical application is totally unacceptable for small investors," it added.
"The Greek government's project ... to force Greek bond holders to take
part in this partial default via collective action clauses violates fundamental legal principles," the statement said.
SdK head: fatal signal to investors
It quoted SdK director Daniel Bauer as criticising a "fatal signal to all investors" that would make "Europe a banana republic."
SdK said it was studying legal means at its disposition, and foresaw a "judicial process that lasts several years and certainly ends before the European Court of Justice."
Greece has triggered collective action clauses to force holdouts to accept bond swap aimed at erasing more than €100 billion ($132 billion) in debt and unlock a new bailout, a government source said Friday.
The decision was taken after Greece agreed with its eurozone partners that the move was the best way to ensure maximum participation in the deal.
Private creditors are to take losses of more than 50 percent on their holdings of Greek sovereign debt under the swap.
AFP/jlb
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Your comments about this article:
These bondholders will get a portion of their money, just like any creditor in any bankruptcy, but over a longer period of time.
Maybe these bondholders should have done their due diligence before making an investment. However, I suspect many of these of johnny-come-lateleys, who saw the write-down as inevitable and bought them then.
Nevertheless, these creditors don't deserve any more than others who bought bonds.
And in many cases, Greece has treaties with other countries (including Germany) that specifically exclude losses by private persons investing in Greek bonds. Such treaties have been ignored by Greece and Germany, and now must be brought into memory by legal suits. Some politicians can only be convinced to do the right thing by force.
Who negotiated with small-time private investors? Nobody. They were simply kicked out. And who is now supposed to but Portuguese, Irish, Spanish, Italian bonds? What fools would do that?