First Circuit Rules Bankruptcy Code Preempts Puerto Rico's Recovery Act -
On Monday, July 6, the Court of Appeals for the First Circuit affirmed the February 6, 2015 order and injunction of the Puerto Rico District...more
On 18 July 2015, the Greek Government passed a law ending the bank holiday period imposed on 28 June 2015. At the same time, restrictions continue on cash withdrawals and the transfer of funds....more
The Greek government has until midnight, Brussels time, on Thursday 9 July 2015 to submit its new debt proposals to its international creditors.
Eurozone leaders were disappointed on 7 July when no substantive...more
The result of Sunday’s (5 July 2015) referendum which rejected the latest proposed bailout by the European authorities was unequivocal. The next steps in this crisis are far less clear, ranging from a swift renegotiation of...more
Following the recent event over the weekend (27/28 June 2015), we set out below a short guide on the current status in Greece.
Months of negotiations on a deal to restructure Greece’s debts appear...more
On 28 June, the Greek Government imposed capital controls in the latest development in the country’s financial crisis. This has been imposed pending the referendum, scheduled to take place on 5 July, on whether people agree...more
Generally, there are no exchange controls in Australia. However, taking currency notes (in any currency) to the value of AUD10,000 or more must be reported.
In some cases there may be financial...more
A recent Financial Institution Letter provides guidance on the FDIC’s methodology when entertaining requests from banks or savings associations organized as Subchapter S corporations (S-corporation banks) to pay dividends to...more
On 25 March 2013, the Bank of Cyprus and Laiki Bank (also known as Cyprus Popular Bank) entered resolution proceedings under the Resolution of Credit and Other Institutions Law 2013....more
Banks in Cyprus opened today at 10 am GMT, 10 days after they closed, as Cyprus became the first country in the Eurozone to implement capital and exchange controls in an attempt to prevent a run on the nation’s banks and a...more
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