Five years after Greece implemented the biggest sovereign debt restructuring in history, its legal design has been vindicated by European courts and international tribunals. Bondholders have exhausted all potential legal avenues to challenge the debt workout but Greece ultimately held the upper hand. This article sheds a light on the most seminal decisions, discussing their implications for possible future restructurings of local law bonds, which continue to be prevalent in Eurozone Member States. While the retroactive insertion of Collective Action Clauses facilitated a relatively smooth Greek debt swap, governments ought to carefully study the recent jurisprudence of European courts, which set important limits to governmental interference with bondholder’s property rights. By mapping three potential future debt restructuring scenarios with post-Greece case law, this article strives to provide further clarity to both governments and creditors as regards the legal design of Private Sector Involvement in Europe.

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根据当地法律重组政府债务：希腊案例及其对欧洲投资者保护的影响

在希腊实施历史上最大的主权债务重组五年后，其法律设计已得到欧洲法院和国际法庭的证实。债券持有人已经用尽所有潜在的法律途径来挑战债务解决方案，但希腊最终占了上风。本文阐明了最具开创性的决定，讨论了它们对未来可能在欧元区成员国中普遍存在的地方法律债券重组的影响。虽然集体行动条款的追溯性插入促进了相对顺利的希腊债务互换，但政府应该仔细研究欧洲法院最近的判例，这些判例对政府干预债券持有人的财产权设置了重要限制。