News

“Disclosure of the Cyprus Bail-In,” Efthimis Tsiliopoulos, New Greek TV

In this interview with New Greek TV, Prof. Dr. Olav Haazen—legal counsel for close to a thousand Greek citizens whose life-savings, pensions and college funds in Cyprus were confiscated by the Cypriot government in the 2013 bail-in—describes how the Cypriot government intentionally discriminated against Greek investors in violation of the international investment treaty between Greece and Cyprus. Prof. Haazen explains how his law firm, Grant & Eisenhofer, and their high-caliber co-counsel have been zealously prosecuting an international arbitration to force Cyprus to compensate the Greek investors. The legal team from four countries intends to bring a second proceeding for any other Greek investors who suffered losses in the 2013 Cypriot bail-in.

October 13, 2018
Greeks Suing Cyprus for Lost Millions in Bank “Bail-In,” Aris Papadopoulos and Eleni Sakellis, The National Herald

With regard to the lawsuit brought by Grant & Eisenhofer against the Republic of Cyprus on behalf of Greek citizens to recover a total claim over €300 million, including interest, lead attorney Olav A. Haazen, PhD, explained that the Cypriot bail-in of 2013 wiped out life-savings, college funds and pensions of thousands of Greek middle-class people in a move that shifted the burden away from Cypriots onto foreigners—which is illegal under international law.  Also, Claimants in the arbitration were interviewed to tell their stories of how the bail-in has detrimentally affected them and their families.

News Article

May 25, 2018
Greeks Destroyed in Cyprus Bail-In Now Have Recourse to Justice, E. Tsiliopoulos, New Greek TV

Over 900 Greeks whose fortunes were wiped out overnight in the Cyprus bail-in, which was discriminatory against foreign investors, are seeking compensation in an international arbitration against the Republic of Cyprus.  Now, the same law firms who brought that arbitration are seeking to file a new case against Cyprus, based on the same evidence and claims, on behalf of thousands of other Greek citizens who lost funds in the bail-in.

News Article

May 15, 2018
Cabinet Earmarks €20m to Compensate Etyk Members in Major U-Turn, Stelios Orphanides, Cyprus Business Mail

Finance Minister Harris Georgiades announced a new scheme that taxpayers will have to pay an additional €20 million to reimburse members of Provident Funds for their losses incurred in 2013 bailout. The cap in compensation was more than doubled to €250,000, more than the €100,000 guaranteed to other depositors.

News Article

December 7, 2017
Scheme for Increased Replacement of Loss of Pension Rights of Members of Provident Funds and Pensions Whose Deposits were Impaired - Cyprus Ministry of Finance

On July 19, 2017 Cyprus approved an Increased Lost Employee Benefit Scheme for Members of Provident Funds and Pensions. The scheme will reimburse affected members of the Funds, as of 3/26/13, up to 75% of their impaired deposits.

Press Release

August 2, 2017
Georgiades Defends Reimbursement of Provident Funds, Angelos Anastasiou, Cyprus Mail

Finance Minister Harris Georgiades defended the decision to reimburse 75% of the Provident Funds seized during the 2013 bailout and cap reimbursements at €100,000. Opponents of the decision wanted the fund members to be reimbursed in full.

News Article

July 21, 2017
Compensation: Another 166 Million Towards the Employee Benefit Funds Which Incurred Haircut of Deposits, Kyriakos Kyriakides, Ant1iwo.com

[Greek]
The Cyprus government has approved €166 million for compensation to members of Provident Funds that suffered losses as a result of the 2013 haircut.

News Article

July 19, 2017
Cyprus and Greece Lock Legal Horns Over Bail-In

Investors in Greece have filed a lawsuit against Cyprus in the International Centre for Settlement of Investment Disputes seeking €7.5 billion in restitution for losses incurred as a result of a write-down of unsecured deposits held in Bank of Cyprus and Laiki Bank.

News Article

February 19, 2017
State Aid: Commission Approves Additional Aid for Cypriot Cooperative Banks on the Basis of an Amended Restructuring Plan - European Commission

On December 18, 2015, the European Commission announced that it has approved additional state aid to support the Cypriot Cooperative Central Bank and its subsidiaries on the basis of an amended restructuring plan.

Press Release

December 18, 2015
Greek Investors take Republic of Cyprus to Arbitration Court Over Bank Bail-In

A group of Greek investors filed an arbitration in an international tribunal claiming discrimination from a bail-in imposed by the Republic of Cyprus on deposits held in the Bank of Cyprus and Laiki Bank.

News Article

September 30, 2015
Greek Investors Bring Legal Action against Republic of Cyprus, Alleging Deposits and Bonds Were Wrongly Confiscated Following Bailout of 2013

A large group of investors in Greece initiated a formal arbitration proceeding against Cyprus in the International Centre for Settlement of Investment Disputes for losses arising out of the 2013 bailout of Cyprus.

G&E Press Release (pdf)Press Release

September 30, 2015
Investors to Sue Cyprus Over Seized Deposits

A group of nearly 100 Greek investors filed a notice of dispute against the Republic of Cyprus for losses arising from the Cyprus financial crisis and March 2013 bailout of Cyprus. The notice was submitted under a 1992 bilateral investment treaty between Greece and Cyprus.

News Article

July 15, 2014
Grant & Eisenhofer P.A.: Greek Investors File Notice of Lawsuit against Republic of Cyprus, Alleging Deposits and Bonds Were Wrongly Confiscated Following 2013 Bailout

A group of nearly 100 Greek investors filed a notice of dispute against the Republic of Cyprus, under a 1992 bilateral investment treaty between Greece and Cyprus, for losses arising from the Cyprus financial crisis and March 2013 bailout of Cyprus.

G&E Press Release (pdf)Press Release

July 14, 2014
State Aid: Commission Approves Restructuring of Cypriot Cooperative Banks - European Commission

The European Commission found that the measures enacted by Cyprus to stabilize its Cooperative Credit Institutions were acceptable under EU state aid rules designed as part of the assistance program for Cyprus. These measures will ultimately make the cooperative banking sector viable without state support.

Press Release

February 24, 2014
IMF Executive Board Approves €1 Billion Arrangement Under Extended Fund Facility for Cyprus

The IMF approved a €1 billion Extended Fund Facility arrangement due under the European Stability Mechanism created to help restore the Cyprus economy.

Press Release

May 15, 2013
Paper on the Framework for Resolution of Credit and Other Institutions - Central Bank of Cyprus

The Central Bank of Cyprus released a statement regarding the ECB’s paper concerning the recovery and resolution of Cyprus’ credit institutions and investment firms.

Press Release

April 15, 2013
Laiki Bank: The Cyprus Bank Staff Hit Worst of All, William Kremer, BBC News

Thousands of employees lost their jobs as a result of the restructuring of Laiki Bank. The bailout deal folded Laiki into the Bank of Cyprus-most Laiki staff were laid off while some were retained by Bank of Cyprus.

News Article

April 6, 2013
Rescue Programme for Laiki Bank - Central Bank of Cyprus

The Central Bank of Cyprus issued a statement that its decision to keep Laiki Bank open during the summer of 2012 was based on liquidity concerns and receipt of Emergency Liquidity Assistance from the ECB.

Press Release

March 30, 2013
An Interview with Athanasios Orphanides: What Happened in Cyprus, G.I., The Economist

The Economist interviewed the former governor of the Central Bank of Cyprus about the background of the Cyprus banking system and how Cyprus’ economy came to be in the crisis that led it to be bailed out.

News Article

March 28, 2013
The FT/Reuters Dijsselbloem Interview Transcript, Peter Spiegel, Financial Times

[subscription required]
Reuters and The Financial Times conducted an interview with Dutch finance minister and Eurogroup President Jeroen Dijsselbloem about the negotiations to bail out Cyprus.

News Article

March 26, 2013
Cyprus Bailout Deal: At a Glance, Hilary Osborne and Josephine Moulds, The Guardian

Cyprus reached a deal with the ECB to bail out the country’s banking system. Laiki Bank will be forced to close and lenders to the bank will lose all of their investments. The Bank of Cyprus will be restructured and absorb a €9 billion loan from Laiki Bank. No bailout money will be used to recapitalize the bank and depositors with accounts valued at €100,000 or more will incur tax levies on their deposits. Bank branches in Cyprus remain under restrictions on withdrawals.

News Article

March 25, 2013
Cyprus Bailout: Deal Reached in Eurogroup Talks, BBC News

Cyprus and the ECB agreed on a revised bailout plan which will not have to be voted on. Cyprus will restructure Laiki Bank and the Bank of Cyprus, and also impose a haircut on deposits over €100,000 while fully insuring deposits less than €100,000.

News Article

March 25, 2013
Governing Council Decision on Emergency Liquidity Assistance Requested by the Central Bank of Cyprus - European Central Bank

The ECB decided to maintain the current level of Emergency Liquidity Assistance requested by Cyprus until March 25, 2013. The ECB also stated that any future requests for ELA assistance are contingent on Cyprus implementing an EU/IMF program that ensures solvency of Cyprus’ banks.

Press Release

March 21, 2013
Deputies Throw Out Bailout Deal, Stefanos Evripidou, Cyprus Mail

The Cyprus Parliament rejected a proposal that would enact a tax levy on depositors of €20,000 or more. The legislature debated several alternative plans including not accepting the ECB bailout package.

News Article

March 20, 2013
Rejection of Deposit Tax Scuttles Deal on Bailout for Cyprus, Liz Alderman, New York Times

Legislators in Cyprus voted and rejected the terms of the bailout package as lawmakers were reluctant to impose taxes on individual depositors. ECB officials said present liquidity commitments to Cyprus were still in place but would not remain indefinitely if Cyprus banks could not remain solvent.

News Article

March 19, 2013
The Cyprus Depositor Pain-Distribution Ratio, Kate Mackenzie, FT Alphaville

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Cyprus President Dimitris Christofias announced he will not seek re-election for a second term because the reunification of the island with Turkish Cypriots does not appear possible by the next election.

News Article

March 18, 2013
Everything You Need to Know About the Cyprus Bank Disaster, Matthew O’Brien, The Atlantic

Cyprus has accepted the terms of the bailout package offered by the ECB. Cyprus has historically relied on the ECB and Emergency Liquidity Assistance in order to shore up its banking system. Germany insisted Cyprus raise €7 billion as part of the bailout, which would ultimately force Cyprus to formulate a plan that levies a tax on bank depositors rather than collapse its central banking system.

News Article

March 18, 2013
Press Release, IMF Statement on Cyprus at the Eurogroup Meeting

Statement by Christine Lagarde, IMF Managing Director, stating that she will recommend the agreed-upon Cyprus bailout package to the Executive Board of the IMF.

IMF Press Release

March 16,2013
After Negotiations, Cyprus Agrees to a Euro Zone Bailout Package, James Kanter, New York Times

European finance ministers, the IMF and the European Central Bank agreed on a €10 billion bailout package which included tax levies on Cypriot depositors. The bailout package was lowered from previous estimates after the special tax levy was implemented.

News Article

March 15, 2013
Shiarly: We Made Two Mistakes, Stefanos Evripidou, Cyprus Mail

Cyprus Finance Minister Vassos Shiarly stated that, in hindsight, economic policy mistakes were made by the country as well as poor economic conditions in Greece that led Cyprus close to declaring bankruptcy.

News Article

March 1, 2013
Ahead of Election in Cyprus, Gloom and Voter Apathy Tied to Financial Woes, Nicholas Kulish, New York Times

Voters in Cyprus were not reacting enthusiastically to voting for two candidates who seemed to run on similar platforms leaning towards accepting international lending conditions to help Cyprus service its debts. Other EU countries that accepted ECB deals were left with high debt and unemployment.

News Article

February 23, 2013
Cyprus Leader Won’t Run for 2nd Term, USA Today

Cyprus President Dimitris Christofias announced he will not seek re-election for a second term because the reunification of the island with Turkish Cypriots does not appear possible by the next election.

News Article

May 14, 2012
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