Slovak bank sues Greece over 2012 bond swap

Awards

According to Greek media, Slovak bank Postova Banka said it is suing Greece at an international arbitration tribunal over the forced exchange of the country’s bonds last year. Postova said it and shareholder Istrokapital SE were suing Greece at the International Center for Settlement of Investment Disputes (ICSID) because it believed Greece broke international treaties in the bond swap. The bank said it believed Greek actions broke bilateral investment treaties between Slovakia and Greece and Cyprus and Greece. Under the bond swap, investors took a 53.5% loss on their investments as part of Greece’s program to cut its debt. Part of the World Bank Group, the ICSID is a leading independent institution for the resolution of international investment disputes.

ADVERTISEMENT

Pandemic has only moderate impact on big companies Analysis

Pandemic has only moderate impact on big companies

Parl't to vote on groundwork for commercial accommodation ra... Parliament

Parl't to vote on groundwork for commercial accommodation ra...

Duncan Graham reelected as BCCH president Appointments

Duncan Graham reelected as BCCH president

Budapest re-launches airport shuttle bus City

Budapest re-launches airport shuttle bus

SUPPORT THE BUDAPEST BUSINESS JOURNAL

Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.