Lawyers in Germany representing 110 investors have formed a class action group. Most of the investors involved spent between €100,000 (£84,116) and €500,000 on Greek paper, but one spent €3m.
Meanwhile, lawyers are expected to argue that the debt swap infringed the terms of a German-Greek treaty designed to protect German investors against political risk. The debt swap cut over €100bn off Greece’s overall debt burden, forcing investors to take write-downs of 53.5 per cent on their holdings.
Greek finance minister Evangelos Venizelos pushed hard for high voluntary participation.