Greek investors take action against Cyprus

摘要

A group of Greek investors filed a notice of dispute against the Republic of Cyprus last Monday, for losses stemming from the financial crisis in Cyprus and the subsequent €10bn bailout of the sovereign, which saw uninsured depositors in Cypriot banks share the costs of their recapitalisation. The group of nearly 100 investors, which includes both individuals and institutions, is made up of depositors and bondholders of laiki bank (formerly Cyprus Popular Bank) and the bank of Cyprus. They say their funds were "confiscated" by the Cyprus government following the country's bailout, according to Grant & Eisenhofer, a law firm that filed the notice of dispute along with Kessler Topaz Meltzer & Check, Kyros Law, and Volterra Fietta. Their losses are estimated to be well over €50m by the law firm.