20 LAWYER MONTHLY JUNE 2023 About Koutalidis Koutalidis Law Firm is a leading law firm based in Athens, Greece. Founded in 1930, the firm serves major Greek and international corporations as well as significant investment and commercial banks and financial institutions. Koutalidis’s 60-strong team of legal experts have been recognised by numerous bodies for their excellence, including Chambers and Partners and The Legal 500. About Nikos Koritsas Nikos Koritsas is managing partner of Koutalidis Law Firm. Drawing upon his extensive and internationally acclaimed experience in M&A, banking, capital markets, finance and restructuring, he leads the Koutalidis team with excellence-driven client solutions at the forefront of his strategy. Nikos Koritsas is recognised as a top-tier lawyer by IFLR, and his work focuses on challenging undertakings and complicated projects both in the Greek and the international corporate market. About Nikos Salakas Nikos Salakas is a partner at Koutalidis Law Firm and head of its banking and finance practice. With extensive experience in banking, finance and restructuring, capital markets, project finance and M&A, he is particularly active in complicated domestic and international transactions and has repeatedly been acknowledged by international legal directories for his successful track record, including as a Market Leader by IFLR. Nikos has also served as Chief Legal & Governance Officer and ExCo Member of a Greek systemic bank. Contact Nikos Koritsas, Managing Partner Nikos Salakas, Head of Banking & Finance Koutalidis Law Firm The Orbit, 115 Kifissias Ave, Athens 115 24, Greece Tel: +30 210 3607811 E: nkoritsas@koutalidis.gr nsalakas@koutalidis.gr www.koutalidis.gr the PSI was applied in virtually all of the smaller or larger debt restructurings in which Koutalidis Law Firm was involved post-PSI. How have things progressed now that a decade has passed since the PSI? What has the impact been for the Greek state and economy? The PSI was one of the key milestones in mastering the Greek financial crisis, but it left deep scars in the Greek economy and society. The financial impact on social security funds, banks and corporates from their participation in the PSI exchange was perhaps unmeasurable. A wave of legal cases and challenges made their way through the Greek courts, the European Court of Human Rights, the International Centre for Settlement of Investment Disputes and any other venue lawyers could think of. Moral, legal and social arguments were ignited and lasted for years before they were settled. A financial crisis of such size and strength, which lasted for more than a decade, threatened the unity – if not the very existence – of the eurozone, triggered a deep political crisis for several years in Greece and caused the imposition of capital movement restrictions in the Greek banking system for almost four years, required huge sacrifices. With hindsight, these were worthwhile. Greece, leveraging on the reprofiling of its sovereign debt that followed the PSI and the structural changes introduced in response to the crisis, is now one of the strongestperforming economies in the world that has been least affected by economic downturns. Let’s hope that in the years to come, Greece and its people will not forget the lessons learned from the PSI and the financial crisis and never again will have to make similar sacrifices.
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