The Plenary of the Supreme Court is once again examining the long-standing issue of loans issued in Swiss francs. Despite severe weather from storm Byron, over 100 borrowers gathered outside the courthouse to demand a new repayment method for their loan contracts.

Consumer groups supported them. These included the Swiss Franc Borrowers Association, INKA, and the Bar Associations of Athens, Piraeus, and Thessaloniki. Several consumer unions also submitted interventions in favor of the borrowers.

Borrowers Argue Clause Is Abusive

During the hearing, the borrowers’ legal team asked the court to accept their claim that the loan clause is abusive. This clause forces them to repay loan installments and interest based on the Swiss franc exchange rate. As a result, they have paid much more than the initial loan amount they received from the banks.

Their attorney stated:
“We ask for a ruling by our natural judge and for a preliminary question to be sent to the EU Court so it can decide on the fairness of the exchange-rate clause.”

He added that many countries have already taken similar action. Poland has submitted ten such questions. Hungary, Croatia, Spain, and Lithuania have also sought guidance from the EU Court.
He stressed that this case concerns legal questions, not economic arguments or fears about banks collapsing. He also argued that the court must examine whether the principle of transparency under consumer law was respected. Otherwise, borrowers may take action against the Greek state.

Borrowers Propose Repayment in Euros

The borrowers argued that the Supreme Court can now provide a final solution. They said that if loans and interest are repaid in euros—without the burden of the exchange-rate clause—this would be fair for both sides.

Banks Reject Claims of Abuse

The banks disagreed. They argued that the clause is not abusive and is fully transparent. They also pointed to multiple decisions from Supreme Court divisions and past Plenary rulings confirming the legal nature of Swiss franc repayment terms.

Banks added that the EU Court has already ruled on a similar question from a Greek court. For this reason, they claim that a new request for guidance is unnecessary.

Court Decision Pending

The court has reserved judgment. Four Supreme Court judges were appointed as rapporteurs for the case.