113Thirdly, it is true that the mandatory exchange of Greek bonds as a result of Law No 4050/2012 and the approval by a majority of the holders of such bonds caused their face value to fall very significantly. The applicants, who did not consent to the proposed amendment of the terms governing their bonds, had the new terms set out in that law and, in particular, a lowering of the face value of those bonds imposed on them. However, as the ECtHR pointed out in its judgment of 21 July 2016, Mamatas and Others v. Greece (CE:ECHR:2016:0721JUD 006306614, § 112), the benchmark for assessing the level of loss sustained by the applicants cannot be the amount they expected to receive when their bonds matured. Although the face value of a bond gives an indication of the quantification of the bondholder’s claim on the maturity date, it does not represent the true market value on the date the Greek State adopted the disputed legislation, in this case 23 February 2012, when Law No 4050/2012 was adopted. That value had undoubtedly already been affected by the declining solvency of the Greek State, a decline which began in mid-2010 and continued until the end of 2011. That fall in the market value of the applicants’ bonds held out the prospect that, as of 20 August 2015, the State would be unable to honour its obligations under the contractual clauses included in the old bonds, that is to say, before the adoption of Law No 4050/2012.