114In the light of all those factors, it must be held that the reduction in the value of the disputed bonds did not constitute, in relation to the aim pursued, a disproportionate and intolerable interference impairing the very substance of the right guaranteed. Given the nature of the property title in question, the scale of the Greek public debt crisis, the endorsement by the Greek State and the majority of holders of Greek bonds of a bond exchange incorporating devaluation, and the magnitude of the losses sustained, that interference is not an intolerable impairment of the applicants’ right to property.