Sunday November 23, 2014 Search
Weather | Athens
18o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
MIG files complaint against Nicosia

Marfin Investment Group SA filed a complaint against Cyprus in relation to an 823 million-euro investment in Cyprus Popular Bank Plc, saying the lender shouldn’t have been nationalized.

“We are asking for our investment to be protected,” MIG Chairman Andreas Vgenopoulos told reporters in Athens on Wednesday. “Because of the difficult situation Cyprus is in, we are starting by asking for restitution of private ownership plus damages which can’t be covered by this.”

Cyprus’s government became Cyprus Popular’s largest shareholder, with an 84 percent stake, in July of last year after it underwrote a 1.8-billion-euro share capital increase, as part of moves to shore up the banking system, which was hard- hit by participation in Greece’s sovereign debt write-down.

Central Bank of Cyprus Governor Panicos Demetriades said in October that the move would lead to a public debt spike in 2012.

Participation in Greece’s sovereign debt restructuring “destroyed” Cyprus’s banking sector and officials should have asked for written guarantees of support from euro-area finance ministers in exchange for signing up for voluntary losses “blindly,” Vgenopoulos said.

“One of the biggest mistakes I have made in my career as a businessman” was to keep the bank headquartered in Cyprus in 2009, he said, adding that the decision was taken “under a lot of pressure from the Cypriot state.”

Vgenopoulos said if no agreement is reached, MIG will take the case to the International Arbitration Tribunal. [Bloomberg]

ekathimerini.com , Wednesday Jan 23, 2013 (21:44)  
Fitch keeps Greek rating at ‘B,’ outlook stable
More cash for banks with same papers
Growth to fuel rise in revenues
Commercial property draws interest from investors
Cyprus on agenda in Biden visit to Istanbul
The prospects for the resumption of stalled peace talks on Cyprus and the issue of energy security were among the matters discussed on Saturday by US Vice President Joe Biden and Turkish gov...
PASOK nixes Papandreou leadership challenge
The junior coalition partner PASOK rejected over the weekend a proposal by the party’s former leader and ex-premier George Papandreou for the party to call an emergency congress and a subseq...
Inside News
INTERVIEW
Tokyo hopes to change the world
The 2020 Summer Olympic and Paralympic Games in Tokyo will serve as a springboard for the rebuilding of Japan’s image and economy following the triple blow of the earthquake, tsunami and nuc...
BASKETBALL
Big win for Greens, tight one for Reds
Panathinaikos scored a crucial as well as emphatic away win at Turow on Thursday that should see it qualify from its tough group to the top 16 of the Euroleague, while Olympiakos saw off vis...
Inside Sports
COMMENTARY
Is Europe paying attention?
Barack Obama brought hope to the entire world when he was elected president of the United States in 2009 and then again in 2012 for a second term. During his first visit to Europe, marked by...
EDITORIAL
A reasonable agreement
Greece cannot and should not allow itself to be left without a safety net to make up for any funding needs that may crop up after the end of the year. Without such protection it would be at ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Cyprus on agenda in Biden visit to Istanbul
2. PASOK nixes Papandreou leadership challenge
3. Troika tests gov’t nerves as budget rift persists
4. Climate change to hit farming, Greek coastline
5. Piraeus nightclub shooting leaves 3 seriously injured
6. London court to rule on extradition of former judge
more news
Today
This Week
1. PASOK nixes Papandreou leadership challenge
2. Piraeus nightclub shooting leaves 3 seriously injured
3. Climate change to hit farming, Greek coastline
4. Fitch keeps Greek rating at ‘B,’ outlook stable
5. Cyprus on agenda in Biden visit to Istanbul
6. Troika tests gov’t nerves as budget rift persists
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Greece and Poland switch roles as young Greeks head to vibrant Eastern European country for better prospects
3. Anti-junta uprising anniversary to be marked amid tight security
4. Biden heads to Istanbul amid tension over Cyprus EEZ violation
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Every age has its collaborators
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.