The Greper & Kepke law firm says on its website that it will seek compensation from more than 110 bondholders. The lawyers of these individuals "are preparing the first claim for compensation against the banks and the Greek state", they note.
"If their bank did not warn them that they could lose all their investment, then (the bank) is responsible," said Matthias Greper, one of the lawyers, who said they often received the wrong advice.
According to the announcement, banks should be aware, after the bankruptcy of Argentina in 2001, that government bonds are not a risk-free investment. The Greek state is accused of "sabotage",
because it approved the activation of explicit collective action, forcing reluctant investors to participate in debt relief.
This clause is characterized as "illegal" by German lawyers. "There is an investment protection treaty between Germany and Greece. This agreement protects German savers, who invest in Greece from political risks. "Greece must compensate the savers in case of forced expropriation, as is happening now", they claim.
Source: CITIZEN