Spectator on facebook

Spectator on facebook

Poštová Banka files complaint against Greece over debt restructuring

The Slovak financial institution Poštová Banka and its shareholder Istrokapitál SE have filed a legal complaint at the Washington-based International Centre for Settlement of Investment Disputes (ICSID) against Greece over the forced Greek sovereign bond exchange that took place in March 2012, the TASR newswire reported on Tuesday, May 7. It is though to be the first legal complaint against Greece filed at the ICSID.

The Slovak financial institution Poštová Banka and its shareholder Istrokapitál SE have filed a legal complaint at the Washington-based International Centre for Settlement of Investment Disputes (ICSID) against Greece over the forced Greek sovereign bond exchange that took place in March 2012, the TASR newswire reported on Tuesday, May 7. It is though to be the first legal complaint against Greece filed at the ICSID.

"Greece adopted a measure which caused a violation of international agreements, due to which we lost the value of our investment. It's our obligation to protect our investments and to fight for our rights," said Poštová Banka general director Marek Tarda. Poštová Banka's losses caused by the Greek debt write-off have been covered by Istrokapitál.

Greece adopted internal legislation that unilaterally amended the issuance conditions of sovereign bonds. No other country has adopted such measures in connection with its own debt restructuring, the Poštová Banka press release states. Poštová Banka and Istrokapitál claim that such a move represents a violation of Greece's obligations resulting from bilateral investment agreements, which guarantee fair and equal treatment of investors. The Slovak plaintiff is represented by US international law firm Debevoise & Plimpton LLP as well as Prague-based lawyers from Havel, Holásek & Partners.

Source: TASR

Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

Manual for making Bratislava a better city

Architect Matúš Vallo, with dozens of other experts, wrote the Plan Bratislava book

Matúč Vallo, left, with some experts who worked on teh book with him.

Car interior or house insulation. What happens with your recycled clothes? Photo

Slovaks throw away 460 kilograms of clothes every ten minutes.

Slovaks throw away a pile of 460 kilograms of clothes every ten minutes.

Kiska: Saková is a wasted opportunity

But he has no other option than to appoint her as interior minister. Opposition and civic initiatives are also critical.

Denisa Saková met with President Andrej Kiska.

Slovak writer and film director Peter Krištúfek dies in a bus crash

The documentarist and writer, aged 44, was one of the two casualties of the fatal Monday crash between a bus and a truck.

Peter Krištúfek