“In a case which could pave the way for a raft of legal action from the private sector, a group of Italian retail investors are claiming damages in excess of €12m from the ECB for an alleged violation of its ‘equal’ creditor status during the biggest private sector debt restructuring in history in 2012.  During the episode, the ECB was able to ‘swap’ its holdings of Greek government debt for protected bonds with no repayment date. The move ensured the ECB did not suffer losses from the deal to stave off a Greek bankruptcy in March 2012.  Private sector creditors, however, were forced into accepting a 53.5pc ‘haircut’ on their holdings.”

http://www.telegraph.co.uk/finance/economics/11907490/European-Central-Bank-sued-by-200-investors-over-Greek-debt-deal.html

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