Hundreds of lawsuits by Greek government bondholders in Germany had been on hold since 2013 pending the ruling. The bondholders argue that Greece in 2012 forced them to swap their securities with new government bonds of a significantly lower nominal value. While none of the claimants accepted Greece’s initial offer, the government carried out the proposed exchange.
The EU court’s decision comes days before it is due to rule on another German case with the potential to send shock waves across the euro area. Judges are scheduled to deliver a verdict on whether ECB president Mario Draghi overstepped the mark with a 2012 bond-buying plan he designed to help save the euro.