As we mentioned before, the Greek debt crisis has reached the Federal Supreme Court (Bundesgerichtshof). In a decision today, the court ruled that claims brought by German holders of Greek bonds in German courts against the Hellenic Republic were inadmissible. The bondholders had sued for damages they suffered as a result of the Greek debt restructuring. Continue reading
German investors in Greek government bonds have sued the Hellenic Republic in German courts over losses suffered as a result of the restructuring of their bonds. The Greek debt restructuring which triggered this litigation took place in March 2012. Greek bonds were exchanged for new bonds with lower principal, lower interest rates and longer maturity, resulting in a haircut for investors. A large majority of investors accepted the swap, but some investors did not, and went to court. Continue reading
This post does not deal with the ICJ’s judgment in Germany v. Italy – Greece intervening (February 4, 2012) – we may come to that later. This post addresses the theoretical and philosophical underpinnings of today’s quarterfinal in Gdansk: All you need to know about the match has been summarized by Monty Python in their seminal work Internationale Philosophie – Rückspiel. For Monty Python’s theoretical and philosophical underpinnings see Hardcastle’s Themes in Contemporary Analytic Philosophy as Reflected in the Work of Monty Python. May the best idea win!