Judgment of the General Court (Third Chamber) of 17 November 2021 –

Anastassopoulos and Others v Council and Commission

(Case T‑147/17)

(Non-contractual liability – Economic and monetary policy – Restructuring of Greek public debt – Private sector involvement – Collective action clauses – Private creditors – Sufficiently serious breach of a rule of law intended to confer rights on individuals – Equal treatment – Natural and legal persons – Limitation periods – Whether European Union answerable for the measures at issue – Admissibility – Strict liability – Unusual and special damage)

1. Non-contractual liability – Conditions – Unlawfulness – Damage – Causal link – Cumulative conditions – One of the conditions not satisfied – Claim for compensation dismissed in its entirety (Art. 340, second para., TFEU) (see paras 41, 42, 93)

2. Actions for damages – Subject matter – Claim for compensation for damage caused by the Eurogroup – Intergovernmental body of an informal nature – No competence of its own – Not a body, office or agency of the European Union – Inadmissibility (Arts 3 and 13(1) TEU; Arts 119(2), 137 and 340, second para., TFEU; Protocol No 14 annexed to the EU and FEU Treaties, Art. 1) (see paras 44, 63-66)

3. Actions for damages – Non-contractual liability – Limitation period – Starting point of the limitation period (Art. 340, second para., TFEU; Statute of the Court of Justice, Art. 46) (see para. 49)

4. Actions for damages – Subject matter – Application for compensation for damage attributable to the European Union – Joint statement by the Heads of State or Government of the euro area and the EU institutions adopted in the context of the restructuring of Greek public debt – Measures for the involvement of private creditors – No legally binding obligation for the Member State concerned to provide for such an involvement – Dismissal of the action (Art. 3 TEU; Arts 119 and 340, second para., TFEU) (see paras 68, 69)

5. Actions for damages – Subject matter – Application for compensation for damage attributable to the European Union – Action brought following political agreements concluded within the Eurogroup – Duty of the Commission to oversee the application of EU law when such agreements are concluded – Scope (Art. 17(1) TEU; Art. 340, second para., TFEU; Protocol No 14 annexed to the EU and FEU Treaties, Art. 1, third sentence) (see paras 70, 72-74)

6. Economic and monetary policy – Monetary policy – Implementation – Restructuring of Greek public debt – Decision of the Eurogroup or its President taken with the agreement of the Commission to make the natural persons with the status of private creditors subject to the restructuring of that debt without subsequent compensation – Application of the same conditions to legal persons with the status of private creditors – Breach of the principle of equal treatment – None (Art. 119 TFEU; Charter of Fundamental Rights of the European Union, Arts 20 and 21) (see paras 84, 90-92)

7. Non-contractual liability – Liability for a lawful act – Conduct within the law-making competence of the European Union – Not included – Limits – Damage suffered by private creditors following the implementation of a mandatory exchange of State bonds in the context of the restructuring of national public debt – No unusual and special damage (Art. 340, second para., TFEU) (see paras 96-101)

Re:

Application based on Article 268 TFEU seeking damages for the harm allegedly suffered by the applicants as a result of the implementation of a mandatory exchange of State bonds in the context of the restructuring of Greek public debt in 2012, on account of the participation of private investors involving the application of collective action clauses, based on conduct or acts of the Eurogroup, its President, the Heads of State or Government of the euro area and the Commission relating thereto.

Operative part

The Court:

1. Dismisses the action;