English
The European Central Bank (ECB) is being sued by over 200 investors for the role it had in the restructuring of Greece's debt, The Telegraph writes.
According to the British publication, a group of retail investors from Italy are claiming over 12 million Euros in damages from the ECB for violating its "equal" creditor status in this restructuring of its debt, which took place in 2012.
At that time, the creditors in the private sector have been forced to accept a 53.5% writedown on their holdings of Greek bonds.
The Telegraph writes that, at the time, the ECB had the ability to convert its holdings of Greek government bonds into protected bonds, without a repayment date. In doing so the newspaper writes, the ECB did not incur any losses from the reduction of Greece's debt.
The ECB later allowed the national central banks to repurchase Greek government debt at a discount. The plaintiffs in the case claim that these actions gave the ECB a preferential treatment and have caused greater losses to non-official bondholders.
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