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Small investors go to court over debt restructuring

A group representing some 15,000 small-scale private investors, who held Greek government bonds that were subjected to a 53.5 per cent nominal haircut as part of Greece's recent debt restructuring, are to appeal against their treatment

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4 Apr 2012

A group representing some 15,000 small-scale private investors, who held Greek government bonds that were subjected to a 53.5 per cent nominal haircut as part of Greece's recent debt restructuring, are to appeal against their treatment.

Speaking to Skai Radio, Dimitris Alexopoulos, a member of the association of small bondholders, said an appeal would be filed with the Council of State - the country's highest adminstrative court - and a protest would be held on Wednesday outside the Finance Ministry.

"There is no extra care for us after the haircut, unlike the banks," he said.
"Bonds held by Austrian and Belgian citizens have been excluded from the haircut."
Before the debt restructuring, known as PSI, the Greek government had suggested that small investors might receive some support after the haircut, but eurozone officials insisted this could not happen.

Alexopoulos said the bondholders, who include pensioners, are losing 80 per cent of their investment.

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