Cyprus: 2013 Cyprus Bank Bail Out Claimants v Government of the Republic of Cyprus

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Cyprus: 2013 Cyprus Bank Bail Out Claimants v Government of the Republic of Cyprus

There is an interesting twist in the case of Theodoros Adamakopoulos and others v. the Republic of Cyprus which is heard under the International Centre for Settlement of Investment Dispute (ICSID) Convention Rules by the ICSID Tribunal.

The ICSID Tribunal has ordered the claimants, most of which are Greek nationals, to provide a deed of indemnity or an irrevocable guarantee for €5m as a compensation for the legal expenses for the Cyprus Government if the case is lost by the claimants.

The mirror request by the claimants was denied by the Tribunal. The claimants are trying to sue the Government of the Republic of Cyprus for their financial losses during the haircut imposed by the Government.