Greece has filed a lawsuit in a UK court, in relation to GDP-linked warrants due in 2042.

Macro Political

• Greece has filed a lawsuit in a UK court against Wilmington Trust, the trustee for its GDP-linked warrants due in 2042. The Greek government is asking the court to uphold the validity of its bid to purchase all outstanding GDP-linked warrants due in 2042, and confirm that the price was calculated correctly.
The move follows a challenge by certain holders of the securities regarding the validity of a notice issued by Greece last month to exercise a call option, set to settle on May 14, to repurchase the warrants well before maturity. The identity of the warrant holders challenging the call option exercise has not been disclosed.
GDP warrants, which pay out if economic growth exceeds certain thresholds, were issued by Greece in 2012 during its major debt restructuring. Greece’s legal action appears to be a pre-emptive move to avoid future lawsuits from dissenting investors
Source: Bloomberg

• Today, the Greek Ministry of Economy and Finance will submit a proposal to the European Commission to replace projects valued at EUR 600 million under the European Union’s Recovery and Resilience Fund. According to an interview with Alternate Minister of Economy and Finance Mr. Papathanasis on ERT News, this review will be the largest and final one for 2025, as it will largely determine the achievement of the targets set to be completed by August 2026.
Source: Naftemporiki Print Edition (14^th May, pg. 7)