EU Court Won't Make ECB Pay Investors Over Greek Bailout

Law360, London (May 23, 2019, 1:51 PM BST) -- The European Central Bank does not have to compensate private investors for losses after Greece reshuffled its public debt to stay afloat during the financial crisis, a European Union court ruled on Thursday.

Investors cannot hold the central bank liable for standing out of the way of Greece's decision to force its creditors to accept new bonds in 2012, the General Court of the European Union ruled.

The bond swap, a condition for a second bailout of the economy, was part of the fiscal measures that allowed Greece to write down more than half its debt and stave off bankruptcy. At more...

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