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The claim against the Cypriot state on the part of Greek investors whose deposits were haircut by the Cypriot authorities in March 2013 is turning into a legal dispute at the interstate level.

Almost 100 Greeks with deposits worth over 100,000 euro have filed suit against the Cypriot state due to the loss of 50 million euro caused by the “bail-in”.

According to the Cypriot media, the group of a hundred private investors includes depositors and holders of bonds of the National Bank and the Bank of Cyprus, whose capital was engaged by the government after the granting of the rescue package of 10 billion euro. In some cases, the affected depositors have lost a lot of money and their life savings.

The claim has been filed by Grant&Eisenhofer, Kessler Topaz Meltzer&Check and Kyros Law law firms, together with the international Volterra Fietta law firm, on behalf of the affected Greek investors in order for them to recoup their losses estimated at over 50 million euro.

According to a report released yesterday by the team of legal representatives, the claim of the Greek depositors is based on the bilateral investment agreement signed between Greece and Cyprus in 1992, which provides that the parties must first attempt to resolve their dispute in a friendly manner within at least 6 months.
 
If they do not reach a mutually acceptable solution to the problem within this period, the claim will be submitted to the International Centre for Settlement of Investment Disputes (ICSID) of the World Bank for final arbitration.

The expected date for such an action is January 2015.