A Slovakian bank and its shareholder have announced they have filed a ground-breaking international arbitration claim against Greece arising out of the country's sovereign debt restructure in March last year.
Bratislava-headquartered Poštová banka was a holder of Greek government bonds forcibly restructured by Greece, which caused the bank and its shareholder significant losses. The claim - reportedly the first of its kind – is now being reviewed by the International Centre for Settlement of Investment Disputes (ICSID).
Poštová and shareholder Istrokapital SE are represented by New York law firm Debevoise & Plimpton, with a team led by David Rivkin and Catherine Amirfar, along with Prague-based Havel Holásek & Partners, led by Marek Vojá?ek and Dušan Sedlá?ek. Marek Tarda, general director of Poštová said in a statement: ‘Greece adopted measures in breach of international treaties thereby depriving us of the value of our investment in Greek bonds. It is our duty to protect our investment and fight for our rights.’