Koutalidis Law Firm advised the Steering Committee of creditors in the Euro206bn PSI2

Koutalidis Law Firm advised the Steering Committee of creditors in PSI2

The Steering Committee of creditors that was appointed as representative of the Private Creditor-Investor Committee for the Hellenic State, formed to act as a forum for developing or discussing proposals for a voluntary private sector involvement (“PSI2”) in achieving debt sustainability for the Hellenic State in the context of the agreement of October 26/27 2011 reached with Euro Area leaders. The Steering Committee negotiated with the Hellenic State the terms and conditions of the new bonds that were issued in exchange of the existing sovereign bonds under PSI2.

The Steering Committee was co-chaired by Messrs. Charles Dallara of the Institute of International Finance and Mr. Jean Lemiere of BNP P. 

The transaction which involved the exchange of Euro206bn sovereign debt instruments, was completed early in April 2012 and is the largest and most completed debt exchange transaction organized ever.