ICCPR Case Digest

CCPR/C/126/D/2701/2015

Communication

2701/2015

Submission: 2015.09.25

View Adopted: 2019.07.26

X, Y, A, B, C and D v. Greece

Claim of violation of access to effective remedy after govt bonds downgraded in debt crisis, inadmissible as domestic remedies not exhausted

Substantive Issues
  • Effective remedy
Relevant Articles
  • Article 14.4
  • Article 2.3
  • Article 26
Full Text

Facts

The authors are five Italian nationals and one German national, whom claim that by forcing them to exchange their Greek government bonds for less valuable securities in the context of national debt restructuring, Greece is violating their rights under articles 2(3) of the Covenant, in conjunction with article 14, 4, and 26.

In 2012, the conditions governing the holding of government bonds were amended due to the fact that the Greek credit rating was downgraded to 'junk bond' status, indicating a high risk of default. As minority shareholders, the were not invited to participate in negotiations around debt restructuring, and as a consequence, were bound by the agreement of majority shareholders to exchange bonds for new bonds with a 53.5% lower yeild rate.

Admissibility

The Committee is of the view that, by not filing an application for annulment before the Council of State when they were entitled to do so, the authors failed to exhaust available domestic remedies. The Committee therefore considers that the communication is inadmissible pursuant to article 5 (2) (b) of the Optional Protocol.

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