112Secondly, the Greek and EU authorities as well as the vast majority of the private sector assessed the measures to reduce the Greek public debt forming the subject matter of this case and agreed to them. As the ECtHR essentially stated in its judgment of 21 July 2016, Mamatas and Others v. Greece (CE:ECHR:2016:0721JUD 006306614, § 116), one of the conditions imposed by international institutional investors for the reduction of their claims was the existence and activation of CACs. The absence of CACs would have resulted in the application of a higher reduction percentage to the Greek bonds held by those who were willing to accept a ‘haircut’ and would have contributed to deterring a large number of holders of such bonds from participating in the deleveraging process. It thus appears that CACs and the restructuring of the Greek public debt achieved as a result of them represented an appropriate and necessary means of reducing that debt and saving the Greek State from bankruptcy. In any event, apart from the argument, which is accordingly unfounded, that the private sector’s involvement in the restructuring of the Greek public debt could have been limited to bondholders who had consented to the bond exchange, the applicants have not claimed that Law No 4050/2012 was manifestly inappropriate or disproportionate for that purpose or that there was an equally effective but less onerous means of achieving the public interest objectives pursued.
Source: EUR-Lex, © European Union, 1998-2026. Reuse authorised under Decision 2011/833/EU.