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The Einstein–Podolsky–Rosen criterion of reality says that if a physical quantity can be predicted with certainty without disturbing a system, then an element of physical reality corresponds to that quantity.

Let $X_i,Y_i$ be Pauli measurements on particle $i$. The GHZ state in the question obeyswith certainty. Each local outcome can therefore be predicted by spacelike-separated measurements on the other two particles. The EPR criterion assigns predetermined values $x_i,y_i\in \{-1,1\}$ satisfying those three equations. Multiplying them and using $y_i^2=1$ givesQuantum theory instead predictsso a joint $X$ measurement has product $-1$ with certainty. The EPR elements of reality therefore contradict the quantum prediction, which is the GHZ theorem form of Bell theorem.