Athens three-member Court of Appeal suspended the heavy penalties it had imposed on defendants involved in the 280-million-euro structured government bond scandal, with bail replacing jail.
The new penalties include financial guarantees of between 50,000 and 200,000 euros and prohibitions from leaving the country.
The court had previously imposed penalties of five to 25 years imprisonment and confiscation of the defendants’ property.
The scandal involved bonds initially sold to stock market companies such as “NAM” and “Acropolis” before ending up at state-run insurance funds at inflated prices.
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