In Case T‑868/16

192Under Article134(1) of the Rules of Procedure, the unsuccessful party is to be ordered to pay the costs if they have been applied for in the successful party’s pleadings. Since the applicants have been unsuccessful, they must be ordered to pay the costs, in accordance with the form of order sought by the Commission and the ECB.

193Under Article138(1) of the Rules of Procedure, the institutions which have intervened in the proceedings are to bear their own costs. Accordingly, the European Council and the Council shall bear their own costs.

On those grounds,

THE GENERAL COURT (Third Chamber)

hereby:

1.Dismisses the action;

2.Orders QI and the other applicants whose names appear in the annex to pay, in addition to their own costs, those incurred by the European Commission and by the European Central Bank (ECB);

3.Orders the European Council and the Council of the European Union to bear their own costs.

Delivered in open court in Luxembourg on 9February 2022.

Table of contents

Background to the dispute

Procedure and forms of order sought

Law

Whether the contested conduct is attributable to the European Union and the ECB and whether they incur non-contractual liability on that basis

The conditions to be satisfied in order for the European Union and the ECB to incur non-contractual liability

Summary of the main arguments of the parties

Findings of the Court

The first plea of illegality, alleging that the contested measures are ultra vires and that there was a sufficiently serious infringement of Articles120 to 127 and Article352(1) TFEU

The second plea of illegality, alleging a sufficiently serious infringement of Article123 TFEU

The third plea of illegality, alleging a sufficiently serious breach of the right to property guaranteed by Article17(1) of the Charter

The fourth plea of illegality, alleging a sufficiently serious breach of the applicants’ rights under Article63(1) TFEU

The fifth plea of illegality, alleging a sufficiently serious breach of the right to equal treatment laid down in Article20 of the Charter

Summary of the main arguments of the parties

Findings of the Court

– Summary of the case-law

– The first part, alleging equal treatment despite the lack of comparability between private investors and institutional or professional investors

– The second part, alleging different treatment on account of the exclusion of official sector creditor involvement, in particular that of the Eurosystem, in the restructuring of Greek public debt

Costs

*Language of the case: English.

1This judgment is published in extract form.

2The list of the other applicants is annexed only to the version notified to the parties.