BUSINESS

Hundreds of Greeks seeking compensation for 2013 Cyprus deposit ‘haircut’

TAGS: Cyprus, Economy

Hundreds of Greek depositors have joined forces against the Republic of Cyprus in demand of compensation over a 2013 haircut on uninsured bank deposits, calling on MPs to push their claim before it goes to international mediation.

In a letter to lawmakers in Nicosia on Friday, the 956 Greeks plaintiffs appealed for pressure to be exerted on Cypriot President Nikos Anastasiadis to settle their claim, arguing that they have already taken recourse to the World Bank’s International Center for Settlement of Investment Disputes (ICSID) and will likely win their case.

They cited a decision by the ICSID in February which upheld jurisdiction over the Greek investor’s claim to recover 300 million euros in bonds and bank deposits that were confiscated as part of Cyprus’ financial bailout by European institutions.

The case is due to be heard in Washington, DC, in mid-November 2021.

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