Greece recorded significant judicial success, as the Supreme Court of Britain and Wales It considered that the country correctly calculated the repurchase price of GDP-related securities by closing a long dispute with creditors.
Thus, the PSI file is finally closed, i.e. the largest debt haircut in Greek history.
In 2012 specific titles associated with the progress of the Greek economy were issued, i.e. growth rate of 2% and GDP of 266 billion euros.
In 2025, Greece proceeded to fully repurchase these securities for around EUR 156 million, avoiding future charges, which were estimated at EUR million.
A group of investors appealed to court claiming more money. However, the Supreme Court of England considered that Greece correctly fixed the purchase price, in accordance with the contractual pricing mechanism.
On the occasion of this decision, Kyriakos Pierrakakis told Reuters that he praised his teamPublic Debt Management Agency (FR) for her debt reduction work, stating that they constitute «Silent heroes» Greece's recovery.
He even noted that in June Greece will proceed with an early debt repayment of 6.9 billion euros. Public debt will continue its decline to 136.8% of GDP this year and to 130.3% of GDP in 2027.
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What the Court ruled
Following a two-day hearing on 21 – 22 April 2026, the Court held that Greece had legitimately exercised the right to purchase under the terms 6.1 of the securities. At the same time, he confirmed that the purchase price of EUR 252,28 per 1,000 titles was correctly calculated on the basis of the data of the Bank of Greece's Electronic Secondary Market (EDAT) as provided by the contractual framework.
The Court rejected the arguments of investors challenging the pricing process and stressed that there was no obligation to use alternative market sources.
The importance of the case
Securities related to GDP were issued in 2012 as part of the restructuring of Greek debt and constitute the largest series of such securities that it has ever issued a sovereign state. The decision is considered a milestone as it provides clarity and legal certainty to a complex financial instrument, preventing the risk of multiple and contradictory judicial crises.
The Court of Justice described Greece's choice to request an identification decision as the «most effective» how to resolve the dispute.
The Director-General of Public Debt Management Agency (DODIX), Dimitris Tsakonas, noted that the decision «provides clarity to the holders of securities and the market» and confirms that Greece acted «good faith and in accordance with the applicable contractual framework».
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