20/01/2012
Hedge funds threaten to take Greek government to court
The Frankfurter Allgemeine Zeitung relays reports in the New York Times that several hedge funds are threatening to take the Greek government before the European court of human rights for forcing them to write off debts. They may claim that the Greek government is violating their property rights, as the Greek government has threatened to force private investors to accept a debt write-off by a vote in the legislature. Property rights are guaranteed by the European convention on human rights.According to the chairman of the hedge fund Marathon Asset Management, Bruce Richards, the compromise under consideration would offer lenders a means to exchange their Greek government bonds and give up a part of their claims, for new 20 or 30-year bonds.
