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Greece.

Representative: Evi Avogliari

Greek courts the last 2 years have recognized that the term of the mortgage contract which in fact burdens the customer to suffer any currency fluctuation from euro to Swiss franc is totally void. The reasoning behind that was based mainly on the 2251/1994 Greek Bill of Consumer law article 2 which deals with the rights of the consumer at the time of the dealing with the bank. In fact the specific law is part of the 93/13 European regulation issued on the 5.4.1993 and in particular article 3 which states that “A term of the contract which was not part of the negotiations among the parties is to be rendered void when it creates serious imbalance between the rights and obligations of the parties.” Recently consumers won in Athens an individual case and also a class action law suit against Eurobank.