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European Central Bank sued by 200 investors over Greek debt deal
By Mehreen Khan
The Telegraph, London
Saturday, October 4, 2015
The European Central Bank is being sued by more than 200 investors over its role in Greece's debt restructuring, in a case that 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 E12 million 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 53.5 percent "haircut" on their holdings. ...
... For the remainder of the report:
http://www.telegraph.co.uk/finance/economics/11907490/European-Central-B...
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