Mr Justice Bright has handed down the judgment for Hellenic Republic v Wilmington Trust (London) Limited [2026] EWHC 1049 (Comm) upholding the validity of Greece’s exercise of a purchase option over GDP-linked securities originally issued as part of its 2012 sovereign debt restructuring.
The judgment is significant for sovereign debt instruments and other financial contracts containing contractual price-determination mechanisms.
Martello was instructed by Cleary Gottlieb Steen & Hamilton, on behalf of Hellenic Republic. The Martello expert is a senior bond trader and debt capital markets professional. Alain Choo-Choy KC and Sam O’Leary of One Essex Court acted for the Hellenic Republic, instructed by Cleary Gottlieb Steen & Hamilton LLP.
The full judgment can be viewed here.
