EU court re­jects claim against ECB on Greek debt

Kathimerini English - - Focus -

LUX­EM­BOURG (Reuters) – A Euro­pean Union court yesterday dis­missed claims by more than 200 Ital­ian in­vestors against the Euro­pean Cen­tral Bank over Greek debt restruc­tur­ing in 2012, say­ing their losses were part of nor­mal fi­nan­cial mar­ket risk. More than 200 Ital­ian in­vestors were seek­ing to sue the Euro­pean Cen­tral Bank for dam­ages of more than 12 mil­lion eu­ros. They ar­gued that the ECB ne­go­ti­ated a se­cret swap agree­ment with Greece early in 2012, re­ceiv­ing new bet­ter-struc­tured bonds and so grant­ing it­self pre­ferred cred­i­tor sta­tus to the detri­ment of oth­ers. Other Greek bond hold­ers re­ceived new se­cu­ri­ties with a sub­stan­tially lower nom­i­nal value and a longer ma­tu­rity pe­riod. The Gen­eral Court of the Euro­pean Union, the sec­ond high­est EU court, said in its rul­ing

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