15,000 individual Greek bondholders were forced to accept a 75 per cent “haircut” on the value of their investments in last year’s partial default agreed with the EU and International Monetary Fund, despite the fact that they had received official statements from the Greek government that they would be excluded.
The so-called “private sector initiative” (PSI) – the largest sovereign debt restructuring ever carried out – was imposed as part of a €170bn second international bailout, allegedly intended to prevent Greece from crashing out of the eurozone in 2012. Unfortunately these actions have led many of the bondholders to poverty and some of them even to suicide.
