I. Introduction

Although Switzerland has long been synonymous with neutrality, the Swiss franc and the widespread conclusion of loan agreements denominated in that currency has, in combination with fluctuations in the CHF/EUR exchange rate, generated a complex web of non-performing loans. This development has evolved into a multifaceted legal, social, and political issue.

Following years of controversy, litigation, and legislative inertia, Article 128 of Law 5264/2025 (Government Gazette A’ 239/19.12.2025) introduces a structured mechanism for the conversion of such loan agreements into euros, followed by a binding method for calculating and restructuring the outstanding debt.

ΙΙ. Judicial Background and Case Law Developments

After a period of inconsistent and often contradictory judgments issued by courts of first and second instance across Greece, the Plenary Session of the Supreme Court (Areios Pagos) addressed the issue in Decision No. 4/2019.

By majority, the Court interpreted Article 6(2) of Law 2251/1994 on consumer protection in a manner consistent with EU law, particularly Directive 93/13/EEC on unfair terms in consumer contracts and the relevant jurisprudence of the Court of Justice of the European Union (CJEU). The Court held that where a contractual term merely reflects a provision of national law, i.e. where it is declaratory in nature, such a term cannot be classified as unfair. The rationale lies in the presumption that the legislator has already balanced the interests of both contracting parties.

The issue was also examined at EU level. In its judgment of 20 September 2017 in Case C-186/16, Andriciuc and Others v Banca Românească SA, the CJEU held that a loan clause requiring repayment in the same foreign currency in which the loan was denominated cannot be considered unfair, if it is drafted in clear and intelligible terms and was not individually negotiated.

You can read the article on Lexology here:

A Timely Legislative Initiative: Untangling the “Swiss Franc Knot”

The full article is available here: A timely Legislative Initiative Untangling the “Swiss Franc Knot”

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Introduction

Climate change requires a transition to sustainable development models, with green financing playing a crucial role. Green bonds  are a key tool for financing environmentally friendly projects, such as renewable energy, energy efficiency, and sustainable infrastructure. At European level, the sustainable development strategy is institutionally reinforced, with Regulation (EU) 2023/2631 establishing the European Green Bond standard (EuGB), ensuring transparency, credibility, and investment exclusively in sustainable activities. Greece is following the guidelines encompassed therein, with the integration of green bonds being a recent development.

Despite their benefits, their issuance comes with challenges, such as high costs, the need for transparency, high regulatory standards stemming from the harmonized legal framework thereof, and the risk of “greenwashing,” making an in-depth assessment of their role in the country’s sustainable development necessary.

Concept of Green Bonds

To understand green bonds, it is useful to briefly refer to conventional bond financing, in the first place. Bonds are a fundamental means of raising capital from the markets, through which a company or other issuer borrows from investors, committing to repay the capital at a predetermined time, along with an agreed-upon return. Legally and operationally, green bonds do not differ from conventional bonds in terms of structure or issuance process; they are subject to the same basic rules and create the same financial obligations for the issuer.

The essential difference lies in the use of the funds. While funds raised through the issuance of conventional bonds can be allocated for general business purposes, green bond proceeds are exclusively dedicated to financing projects with a clear environmental benefit, such as combating climate change, reducing greenhouse gas emissions, and promoting sustainable development. This commitment is not merely declarative; it is accompanied by monitoring and verification procedures to ensure that the funds are indeed used for the intended “green” purpose.

Green bonds therefore add an additional dimension to the investment: beyond financial returns, the investor contributes to measurable environmental outcomes. Various types of green bonds exist in the market, depending on the issuer. They can be issued by governments for large-scale environmental projects, by local authorities for sustainable infrastructure at local level, by international organizations for broader environmental initiatives, or by private companies to implement green investments. A common feature of all these bonds is that the funds are directed to specific environmentally targeted projects, offering investors a combination of financial return and environmental responsibility.

You can read the article on Lexology here:

Financing Sustainable Development with Green Bonds: EU Regulation 2023/2631 and the Rollout of European Green Bonds in Greece

Τhe full article is available in Greek and English here

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