Athens-based Koutalidis is joined by a trio of global firms – London-based magic circle practice Allen & Overy, and two top New York firms, Cleary Gottlieb and White & Case. According to the terms of the £110 billion bailout, which was struck with the ‘troika’ of the International Monetary Fund, the EU and the European Central Bank at the end of February, Greece must slash its debt by 2020 to 120.5 per cent of gross domestic product from its current position of  160 per cent.
Teams from Koutalidis and from the London offices of A&O and White & Case were brought in last year to advise the steering committee of private creditors holding Greek government bonds, with the local firm advising specifically on Greek law issues.  And a team from Cleary Gottlieb advised the Athens government on sovereign debt issues.