![\"London](\"https:\/\/www.europesays.com\/ie\/wp-content\/uploads\/2026\/05\/royal-court-justice-london-credit-wikimedia-commons-david-castor-public-domain.jpg\")
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London\u2019s Royal Courts of Justice, where Greece<\/a> secured a ruling on its GDP-linked warrant buyback. Credit: Wikimedia Commons \/ David Castor<\/a> \/ Public Domain<\/p>\n Greece has won a London court ruling over its plan to buy back GDP-linked warrant that it issued to government bondholders during the country\u2019s 2012 sovereign debt restructuring.<\/p>\n The case focused on Athens\u2019 effort to repurchase all outstanding GDP-linked warrants, which mature in 2042, at a call price of just over 25 cents on the euro.<\/p>\n What the London Court decided<\/p>\n Greece asked London\u2019s High Court to confirm that it had validly exercised its option to buy all outstanding GDP-linked securities<\/a>. It also sought confirmation that its calculation of the call price was lawful and binding.<\/p>\n However, a group of investors represented by law firm White & Case challenged Greece\u2019s position. They argued that Greece<\/a> had not properly exercised its buyback option and disputed the way the country calculated the call price.<\/p>\n Judge Robert Bright ruled in Greece\u2019s favor, although investors could still challenge the decision on appeal.<\/p>\n A legacy of Greece\u2019s 2012 Debt restructuring<\/p>\n The dispute concerns a legacy instrument from Greece\u2019s 2012 sovereign debt restructuring, one of the most significant episodes of the eurozone debt crisis.<\/p>\n At the time, private bondholders accepted a major reduction in the value of their Greek government bonds. In return, they received a new package of securities, including GDP-linked warrants. These warrants gave investors the possibility of an additional return if Greece\u2019s economy<\/a> performed strongly in the years after the crisis.<\/p>\n Importantly, Greece did not sell these instruments separately in a conventional cash transaction. Instead, it issued them as part of the broader debt swap. As a result, the current buyback price should not be viewed as the same as, or directly comparable to, an original sale price.<\/p>\n What are GDP-Linked warrants?<\/p>\n