109Furthermore, in the instant case, the applicants acquired Greek bonds during the period when the Hellenic Republic was in financial crisis. As stated in paragraph 1 above, the Greek public debt crisis began in October 2009 and Greek bonds were acquired by Mr Steinhoff in September 2011, by Mr Filbry as from July 2011, by Vereinigte Raiffeisenbanken Gräfenberg-Forchheim-Eschenau-Heroldsberg in December 2009, and by Mr Bäcker as from April 2011. Those applicants therefore had to be aware at the time of purchase of the highly unstable economic situation that determined the fluctuation of the value of Greek bonds and also the appreciable risk of at least a selective default by the Hellenic Republic. As for EMB Consulting, in 2017, it acquired the rights of holders of Greek bonds who had themselves acquired those rights previously. The pleadings make clear that the rights transferred to EMB Consulting had been acquired for the most part before the idea of a forced exchange was floated. At the hearing, the applicants’ representative stated that those rights had been acquired in 2011 and 2012. As successor to the rights of those holders of Greek bonds, EMB Consulting cannot argue that it was not aware of the highly unstable economic situation at the time those bonds were purchased.