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Second, it is common ground that, in view of the scale of the financial crisis to which the Greek State had been exposed since 2010, a new programme of financial assistance for it, which had been drawn up and had to be implemented at multilateral and intergovernmental levels, with the involvement of the euro area Member States, assisted, first, by the EFSF and, subsequently, by the European Stability Mechanism (‘the ESM’) established under the Treaty between the Kingdom of Belgium, the Federal Republic of Germany, the Republic of Estonia, Ireland, the Hellenic Republic, the Kingdom of Spain, the French Republic, the Italian Republic, the Republic of Cyprus, the Grand Duchy of Luxembourg, the Republic of Malta, the Kingdom of the Netherlands, the Republic of Austria, the Portuguese Republic, the Republic of Slovenia, the Slovak Republic and the Republic of Finland, concluded in Brussels on 2 February 2012 and which entered into force on 27 September 2012, as well as that of the IMF, had become indispensable. As the applicants themselves point out, the restructuring of Greek public debt envisaged by the contested measures, and the exclusion of the Eurosystem’s involvement in that restructuring constituted, under the bilateral and multilateral agreements concluded, preconditions for the implementation of that financial assistance (see, to that effect, ECtHR, 21 July 2016, Mamatas and Others v. Greece, CE:ECHR:2016:0721JUD006306614, § 116). Thus, it is apparent from the Eurogroup statement of 21 February 2012 that the restructuring of Greek public debt under Law No 4050/2012 was a prerequisite for the grant of additional financial assistance from State and institutional creditors. In the light of the circumstances prevailing at that stage, a wholly voluntary PSI, without CACs, would certainly not have guaranteed the participation of a sufficient percentage of private holders of Greek bonds in order to achieve the rate of deleveraging required and ultimately obtained by reducing Greek public debt by approximately EUR 107 billion (ECtHR, 21 July 2016, Mamatas and Others v. Greece, CE:ECHR:2016:0721JUD006306614, § 104). Furthermore, in view of the risk of moral hazard correctly raised by the Commission, the ECB, the European Council and the Council, it was also not guaranteed that a PSI without CACs would have resulted in a sufficiently high participation rate to allow the release of loans from euro area Member States of up to EUR 130 billion until 2014 (see the Eurogroup statement of21 February 2012). The issue of moral hazard could create a significant additional incentive for any investor or holder of Greek bonds wishing to preserve his or her assets to refuse an offer to exchange bonds voluntarily, or even to purchase more bonds in the event of a fall in their market value, in the hope that other creditors or the community in the broad sense would assume the negative consequences of his or her high-risk investment. Accordingly, the absence of CACs would not only have led to the application of a higher percentage reduction to the Greek bonds held by those who would have been willing to accept a haircut, but would also have helped to deter a large number of holders of such bonds from being involved in the deleveraging process, or even encouraged them to frustrate the implementation of its objective. The contested measures were therefore indispensable both in order to guarantee the success of the proposed restructuring of Greek public debt and to enable additional financial assistance to be granted in order to prevent, in the short term, a payment default by the Greek State and to help it, in the medium term, to control its financial crisis and to restore an economic balance. It follows that the applicants have failed to demonstrate that Law No 4050/2012 was manifestly inappropriate or disproportionate for that purpose or that an exclusively voluntary PSI, without CACs, or a lower percentage haircut would have constituted equally effective but less onerous measures of achieving the public-interest objectives pursued (see, to that effect, judgment of 23 May 2019, Steinhoff and Others v ECB, T‑107/17, EU:T:2019:353, paragraph 112).