Slovak Bank, Shareholder File Arbitration Against Greece Over Debt Restructure
- From LexisNexis® Mealey’s™ Daily Legal News.
A bank and its shareholder on May 7 announced that they have filed an arbitration claim against Greece in the International Centre for Settlement of Investment Disputes (ICSID) in relation to Greece’s sovereign debt restructure.
Postova banka, a.s., a Slovak bank, and its shareholder Istrokapital SE said in a news release that they filed an arbitration claim with ICSID arising out of a sovereign debt restructure in March 2012 in Greece.
Debt Restructure
Postova said that it purchased the Greek government bonds in the first half of 2010. In February 2012, Postova and Istrokapital alleged that Greece passed the Greek Bondholder Act, which unilaterally amended the terms of outstanding bonds by inserting a “collective action clause.” Postova said it held Greek government bonds that were forcibly restructured by Greece, which caused Postova and Istrokapital to suffer significant losses. Postova noted that its arbitration claim appears to be the first claim filed against Greece in relation to the debt structure.
Postova and Istrokapital allege that Greece destroyed their investment by taking measures that were never taken before in debt restructuring, including the passage of legislation to retroactively and unilaterally amend the terms of bonds. Postova and Istrokapital allege that Greece has violated bilateral investment treaties with Slovakia and Cyprus.
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