GreekReporter.com Greek News Economy NYT: Hedge Funds May Sue Greece

NYT: Hedge Funds May Sue Greece

Hedge funds have been known to use hardball tactics to make money. Now they have come up with a new one: suing Greece in a human rights court to ensure it makes good on its bond payments.
According to the New York Times, the tactic has emerged in conversations with lawyers and hedge funds, as it has become clear that Greece was considering passing legislation to force all private bondholders to take losses, while exempting the European Central Bank, which is the largest institutional holder of Greek bonds with 50 billion euros or so in those holdings.
Legal experts suggest that the investors may have a case, because if Greece changes the terms of its bonds so that investors receive less than they are owed, that could be viewed as a property rights violation — and in Europe, property rights are human rights.
(source: New York Times, capital)


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