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A controversial decision that drove the Bank of Cyprus Chairman Andreas Iliadis to resign and the securities and exchanges Commision of the island to open an investigation on a matter that has caused considerable damage to private individuals that entrusted their savings to that scheme that is known by its Greek acronym MAEK. The Cypriot parlement is also investigating the luck of information made available to public looking simply for a reliable place to place their savings and not to become investors.

In view of the approaching deadline set by the European Court for the direct filings, our Law firm is pleased to announce that we have completed a 3rd direct such application on behalf of Greek bondholders.

The European Court of Human Rights in Strasbourg, has informed us that on 08-06-2012 was completed our 3rd application and was granted by the Court's Registry the general case number 35549/12.

From the beginning of the Greek sovereign debt crisis our Law firm has very carefully examined the State bonds issue and all possible legal means and ways of reacting both domestically and internationally. We have mainly focused on the procedure of the direct request to the European Court of Human rights in Strasbourg in conjunction with our Italian specialist counterparts and we were the first ones in the world to have filed under that procedure. Now we are going one step further in this direction.

The European Court on Human Rights from Strasbourg has officially acknowledged registration of the introductory filing from our Law firm of a legal claim versus the Hellenic Republic on behalf of several clients' holders of Greek State bonds which have suffered a severe haircut without the consent of these holders. This introductory direct claim has been registered under No 26.055/2012 and should be the 1st such action worldwide thus creating a legal as well as practical interest in Greece and abroad where Greek State bonds are being held.

Our Law firm, instructed by a number of holders of Sovereign Greek debt bonds in cooperation with our Italian counterparts, has submitted on the 11th of April 2012 an introductory claim at the EUROPEAN COURT OF HUMAN RIGHTS in Strasbourg under rule 47§5 of the Rules of Court.

This action should be the first of its kind in the world and is expected with great interest as it requests the Court to initiate a Pilot Judgment procedure pursuant to rule 61 of the Rules of Court, alleging a breach of the European Convention on Human Rights and its Protocols to which Greece is a party.

Unfortunately our worst fears are being confirmed: The Eurogroup and the Greek government announced that all private holders of Greek State bonds by virtue of the so called “collective action clause” (CAC) will be forced to participate to the bonds swap although they did not consent to it.

We consider this as unconventional and totally unlawful falling short to the requirements of the art. 1 protocol No 1 of the European Convention of Human rights as it has been signed by the Republic of Greece. We also feel it violates the disposals of the Hellenic Constitution and other national texts challenging the existence of such collective action clauses.

Several people died and others were missing after the Costa Concordia cruise ship with more than 4.000 people on board ran aground and keeled over off an Italian island, sparking chaos as passengers scrambled to get off. Our office in close collaboration with a top specialist consortium from Italy England, France Spain and the USA is offering legal support and assistance to victims and their families of this terrible accident.

The Greek authority supervising banks and financial institutions with its decision 25/1/17.12.2011 has revoked the operating license of T-BANK (former Aspis bank). The bank was placed under special liquidation procedure.

The Swiss Federal Department of Finance (FDF) has announced that the Protocol of Amendment of November 4, 2010 (see our article below from Nov, 4, 2010) to the double taxation agreement (DTA) between Switzerland and Greece entered into force on January, 1, 2012.

According to the FDF, the protocol contains an OECD administrative assistance clause and will contribute to the further positive development of bilateral economic relations.