By Reuters Staff
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ZAGREB, Feb 2 (Reuters) - Six banks have agreed not to take legal action against Croatia over its conversion of Swiss franc loans into euros in 2015 at the lenders’ expense, the finance minister said on Tuesday.
Many individuals and companies in Croatia and eastern Europe had taken out Swiss franc mortgages to benefit from low interest rates but were then caught out when the franc strengthened in 2015, leaving them with higher debts to pay.
Croatia’s then centre-left government forced banks to convert the loans to euros to protect borrowers. The banks carried the costs of about 1 billion euros ($1.2 billion), prompting them to either launch lawsuits or threaten action saying costs had not been fairly shared out.
Mining: an engine of progress
Pakistan has great future in mining because it has huge deposits of minerals
ISLAMABAD:
We grew up hearing about abundance of minerals in Pakistan and their potential to bring economic change to the country.
However, so far we have not really been able to harness them to bring that change. While they remained mostly buried below the ground, the country kept on sinking in the quagmire of debt which stood at $276 billion as of June 2020.
In addition to the heavy debt, the country is embroiled in many other social and economic issues. This makes it imperative to look for all options for accelerated value creation and wealth generation.
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A growing number of cases in which private parties are seeking enforcement of very large arbitration awards are percolating through the U.S. courts. These awards emanate both from tribunals seated in the United States (where enforcement is usually governed by the Federal Arbitration Act) and from tribunals seated abroad (where enforcement is governed by international treaties, such as the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards). In either case, once the U.S. courts confirm an arbitration award, it becomes enforceable as a U.S. judgment and the award creditor is generally able to employ U.S. enforcement and discovery procedures in order to locate, and potentially attach, assets of the award debtor. This is a powerful enforcement weapon for award creditors.
Greenberg Traurig’s Nicole Silver Participates in GAR Interactive: BITs Virtual Conference
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Nicole Y. Silver, International Arbitration & Litigation Practice shareholder at global law firm Greenberg Traurig, LLP, will participate in the Global Arbitration Review (GAR) Interactive: BITs virtual conference on Jan. 21. WASHINGTON (PRWEB) January 20, 2021
Nicole Y. Silver, International Arbitration & Litigation Practice shareholder at global law firm Greenberg Traurig, LLP, will participate in the Global Arbitration Review (GAR) Interactive: BITs virtual conference on Jan. 21.
Silver will serve as one of the judges during the GAR Interactive debate from 1:45 PM-2:45 PM ET. In the interactive session, junior practitioners will debate the motion: “This house believes that big tech will embrace investment arbitration.” Afterward, the panel of experts will weigh-in on what they heard, before choosing
2020 Survey of TMT Sector Investor-State Arbitration mediate.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mediate.com Daily Mail and Mail on Sunday newspapers.