A creditor seeking to enforce a judgment in Greece may obtain information on the debtor’s assets through various means, including searches in digital databases such as the Land Registry (Hellenic Cadastre), the General Commercial Registry (Genikó Emporikó Mitróo, or GEMI), and the official e-auction platform. Additional information may be accessed by filing requests with public authorities, depending on the nature of the assets sought.
General Means of Identifying Assets
Hellenic Cadastre
The Hellenic Cadastre is a centralised, map-based land registration system that records real property rights across most regions of Greece. Access to the records is available online. Only authorised representatives such as lawyers and notaries can access these records. Key functions and services of the Hellenic Cadastre include:
In certain areas of Greece, the older system of Land Registry Offices remains in force, pending full transition to the Hellenic Cadastre. These areas are still governed by the traditional regime of transcriptions and registrations. Property rights are recorded chronologically in hard copy and access requires in-person visits.
General Commercial Registry
GEMI provides free-of-charge detailed information on:
The publication of the company’s management and partnership may be of essence, given that – under Greek law – one’s shares in a company are subject to seizure. Also, in some cases (depending on the company type), partners may also be liable for the company’s debts.
GEMI is accessible to the general public via its website. If a company fails to upload its annual financial statements, any further publication is suspended.
Digital Insolvency Registry
The Digital Insolvency Registry is an online database listing insolvent persons and entities, including basic information (eg, names and tax identification numbers) about insolvency proceedings. Detailed records, including information about third-party claims “announced” to the insolvency administrator, can be inspected in hard-copy books held at the locally competent court of first instance.
Financial institutions
Under Greek law, bank secrecy is strictly protected. As a rule, a creditor cannot obtain information as to whether the debtor holds bank accounts with a Greek bank, nor the balances or encumbrances of such accounts. By exception, a creditor who holds a first-instance judgment – whether from a Greek or a foreign state court – may serve a provisional attachment note upon a bank as third party. In that case, the bank is under a duty to respond within eight calendar days, disclosing whether it maintains accounts in the debtor’s name, the corresponding balances, and any existing encumbrances.
Tiresias credit bureau
The Greek credit reporting system is operated by Tiresias SA, a private company supervised by the Bank of Greece. It maintains databases on individuals’ and companies’ credit history, including non-performing loans, bounced cheques, and court-imposed payment orders. Banks use this information to assess creditworthiness. Access is restricted, in order to ensure data protection and privacy, and entries are kept for limited periods.
Administrative authorities
Under specific circumstances and should legitimate interest be proven, tax authorities may disclose information on a person’s declared income, property, and assets. For this purpose, an order by the locally competent Attorney General must usually be issued.
e-Auction
Auctions in Greece are conducted digitally on the official website of the Greek State, e-Auction, and are managed by competent notaries. The e-Auction platform is accessible to anyone without charge. It provides information on real properties to be auctioned (eg, the location of the property, the owner-debtor, initial bidding price).
Miscellaneous registries
Other useful registries are:
Litigation Proceedings for Identifying Assets
Identifying assets through litigation is limited. In the pre-judgment phase, exhibit production decisions can potentially be of help to creditors – albeit having to satisfy a very high procedural threshold to be successful. In the post-judgment phase, reference is made to the analysis under “Financial Institutions” in this section.
If enforcement is – or is very likely to be – unsuccessful owing to lack of assets owned by the debtor, the creditor may apply for a court order compelling the debtor to:
Post-judgment, assuming the judgment is enforceable, competent court bailiffs can track down and seize movable and immovable property of the debtor. Irrespective of whether assets have been identified, various tools are available to seize property, impose freezing orders, or establish judicial escrows.
In Greece, court judgments are categorised based on several criteria.
Participation of Litigant Parties
Relief Sought and Granted
Binding Effect
Revocability
Subject Matter
Judgments are also discerned according to whether the court tried the case on its merits or whether it only dealt with a procedural matter, usually rejecting the action as inadmissible.
Injunctive Relief
Enforceable Titles
Per Article 904 of Greek Code of Civil Procedure (GrCCP), as a general rule, only definitive judgments (see “Relief Sought and Granted”) are enforceable. First-instance judgments may also be enforceable if declared provisionally enforceable by the court. Other enforceable titles are:
Once an enforcement title is obtained, enforcement proceedings may be initiated, in accordance with the provisions of the GrCCP.
Types of Claim
The enforcement procedure – as well as the means of enforcement – vary depending on the nature of the enforceable claim, as follows.
Direct-Indirect (Principal) vs Auxiliary Enforcement
Enforcement proceedings are further divided into three categories, based on the manner performed and the result they bring about, as follows.
Objective Versus Personal Enforcement
Enforcement may be further categorised as objective (ie, against property) or personal (ie, against the person), as follows.
Procedural Steps
The procedure for enforcing a domestic judgment in Greece typically comprises the following steps.
No enforcement proceedings may be initiated from August 1st to August 31st(Article 940A of the GrCCP).
Enforcement-Related Costs
Enforcement costs are borne by the debtor, but are advanced by the creditor (Article 932 of the GrCCP). These include all necessary costs incurred by the creditor for the enforcement proceedings from commencement to conclusion. Typical costs involved in enforcement proceedings relate to:
Costs incurred due to the creditor’s excessive diligence or own fault in seeking to enforce its claim(s) are not recoverable.
Timing Considerations
The duration of enforcement proceedings varies significantly depending on the specifics of each case, such as the type of enforcement and any objections raised by the debtor. By way of example, enforcement for the recovery of real property possession may be completed within a single business day, whereas enforcement of a monetary claim typically spans several months – from the initial attachment to the auction of the seized asset. Real property may be auctioned no earlier than seven months and no later than eight months from the date of seizure.
If the debtor files an objection against the enforcement measures and obtains a stay of enforcement, the proceedings remain suspended until a first-instance judgment is issued on the objection. Owing to the heavy backlog in Greek courts, such objections often take years to be heard ‒ for example, an objection filed in 2025 may not be scheduled for hearing until 2035.
Attachment of Debtor’s Assets Held by Third Parties
The most time- and cost-efficient method of enforcing a monetary claim (see 2.2 Enforcement of Domestic Judgments) is through the attachment of the debtor’s assets held by third parties. In essence, the creditor targets claims the debtor may have against third parties ‒ most commonly Greek banks ‒ and seizes them directly (see also 1.1 Options to Identify Another Party’s Asset Position (Financial Institutions)).
To that end, the creditor serves the enforcement title and an attachment notice upon the third party through a court bailiff. Once served, the third party is required to file a declaration with the competent court of first instance, stating whether the debtor has any claims against it – in the case of banks, whether the debtor maintains accounts, the exact balance, and any encumbrances thereon. If such claims are seized, they are automatically transferred to the creditor by operation of law.
Please refer to the analysis in 1.1 Options to Identify Another Party’s Asset Position (Financial Institutions) in conjunction with 2.3 Costs and Time Taken to Enforce Domestic Judgments (Attachment of Debtor’s Assets Held by Third Parties) and 1.1 Options to Identify Another Party’s Asset Position (Litigation Proceedings for Identifying Assets).
Please refer to the analysis in 2.3 Costs and Time Taken to Enforce Domestic Judgments(Timing Considerations).
Objections Against Enforcement Actions
Per Articles 933–937 of the GrCCP, a debtor subject to enforcement proceedings in Greece may challenge the validity of the enforcement measures and seek their annulment. Such objections may relate either to the validity of the enforcement title itself or to defects in the enforcement process — for example, irregularities in the service of the enforcement order.
Process for filing objections
Objections are filed with the locally competent court of first instance (Article 933(1) of the GrCCP). Such objections must contain at least one ground for challenge. Additional grounds can be brought forward through a subsequent court document, which must be filed and served upon the counterparty at least eight calendar days before the hearing (Article 933(3) of the GrCCP). According to the law (Article 933(2) of the GrCCP), the hearing must be scheduled within 60 days from filing of the objection. This provision is never observed in practice (see 2.3 Costs and Time Taken to Enforce Domestic Judgments (Timing Considerations)).
Deadlines
In cases of indirect enforcement (see 2.2 Enforcement of Domestic Judgments (Direct-Indirect (Principal) Versus Auxiliary Enforcement)), the objection must be filed within 45 calendar days from the imposition of the attachment or the garnishment (Article 934(1)(a) of the GrCCP). In cases of direct enforcement, the deadline is 30 days from the last act of enforcement (eg, the service of the writ of execution to the debtor), as per Article 934(1)(b) of the GrCCP.
Tiered approach
The GrCCP mandates a tiered approach to addressing irregularities in enforcement acts. Each act of enforcement is deemed autonomous and must be separately challenged within a specific timeframe. Failure of the debtor to meet this requirement leads to the irregularity in the act of enforcement being deemed waived and thus cured. The annulment of a single act of enforcement does not automatically affect subsequent acts of enforcement. These must be challenged separately.
Suspension of Enforcement Proceedings (Article 938 of the GrCCP)
Please refer to 2.3 Costs and Time Taken to Enforce Domestic Judgments (Timing Considerations). Following the filing of an admissible objection against enforcement measures and its proper service upon the creditor, the debtor may seek stay of enforcement until a judgment on its objection is issued. If an appeal is filed against said judgment, enforcement may remain suspended until a judgment on the appeal is issued.
The application for a stay of enforcement is tried by the court before which the objection is pending. The enforcement is suspended if the court is satisfied that:
Pursuant to Article 938(2) of the GrCCP, in enforcement proceedings against real property for the satisfaction of monetary claims, a stay of enforcement is not permitted. A stay may only be granted only at the appellate stage, if the judgment on the objection is appealed and the court of second instance orders the suspension.
Please refer to 2.1 Types of Domestic Judgments (Relief Sought and Granted). As a general rule, only definite performance judgments are enforceable (see 2.1 Types of Domestic Judgments (Enforceable Titles)). First-instance judgments that have been declared provisionally enforceable by the court may also be enforced. Constitutive and declaratory judgments are not enforceable.
No central register of judgments exists. Case files are kept with the court and only the parties to the proceedings are allowed access.
In recent years, for judgments issued by the courts in Athens, Piraeus, Thessaloniki and several other large cities across Greece, any interested party to the proceedings may apply for the receipt of a digitally certified copy of a judgment. Using the filing number of a judicial document (eg, a lawsuit or an appeal), any interested party may receive information on the status of the proceedings on “Solon”, the official website of the Greek Judiciary.
Enforcing foreign judgments in Greece is a complex process entailing a large number of legal issues. The complexity lies in the fact that legal practitioners have to navigate a large set of potentially applicable provisions stemming from the GrCCP, the bilateral agreements concluded between Greece and third countries (which have more than doubled in number since 1980), the multilateral conventions to which Greece is party (mainly deriving from the Hague International Conference on Private International Law), and – most importantly – a double-digit number of EU regulations. What is more, these instruments are regularly amended, thereby introducing issues of a transitional nature.
The aforementioned international instruments take precedence over the GrCCP provisions as per the clear letter of both the GrCCP (Article 905) and the Greek Constitution (Article 28). EU regulations take precedence over all other legislative frameworks, followed by international treaties (bilateral and multilateral), and lastly the domestic framework of the GrCCP.
EU Law
The main EU regulations that regulate enforcement of judgments in civil and commercial matters within the EU are:
For the enforcement of judgments issued in other EU member states under the above-mentioned instruments, no declaration of enforceability (“exequatur”) is required.
Multilateral Treaties
Greece has acceded to a series of multilateral international conventions, which have either exclusively focused on – or included within them – the issues of recognition and enforcement.
Two Lugano Conventions
The first category includes the two Lugano Conventions on jurisdiction, recognition, and enforcement of judgments in civil and commercial matters.
Hague Conference on Private International Law
This second category includes the following instruments:
United Nations
This third category includes the following conventions and model laws:
Bilateral Agreements
To date, Greece has ratified the following bilateral judicial assistance agreements in civil matters, which are currently in force:
These agreements can be classified as follows:
Domestic Law
Key provisions of Greek law are those of Articles 323, 780, 903, 905 and 906 of the GrCCP. With the exception of Article 905, said provisions have remained unchanged since 1967. International treaties and EU regulations prevail over domestic provisions of Greek law. However, they do not regulate procedural matters. These are governed by the GrCCP (see 3.4 Process of Enforcing Foreign Judgments).
As a general rule, the res judicata effect of foreign judgments is automatically recognised in Greece. No further proceedings are required, to the extent that the conditions for recognition set out in Article 323 of the GrCCP are met. Notably, under Article 323 of the GrCCP, the res judicata effect and possible formative effect of a foreign judgment are recognised within the Greek legal order if:
According to well-established case law, and within the meaning of Article 33 of the Greek Civil Code, international public policy is of strict scope. This notion does not concern all mandatory rules of law. Only these mandatory provisions – of either substantive or procedural nature – reflecting the fundamental social, economic, legal and moral principles of the Greek legal order fall within this scope of international public policy. Public policy is deemed breached in the following indicative instances: corruption and general criminal offences, violation of the primary EU law, violation of the law of free competition, tax evasion, money laundering, smuggling, fraud, etc. The court examines possible violations of public policy of its own motion.
The conditions for the declaration of enforceability must be met cumulatively. The burden of invocation and the objective burden of proof lies with the party applying for the declaration of enforceability.
With the exception of EU judgments, foreign court judgments must be declared enforceable in Greece. If a foreign judgment has been in issued in a non-EU state that has not signed any bilateral agreement with Greece, nor is a signatory to one of the above-mentioned international treaties, Article 905 of the GrCCP shall apply. According to said provision, a foreign judgment may be declared enforceable in Greece if:
ECJ Decisions
Declaration of enforceability is not required for decisions of the ECJ, which are executed according to the provisions of the GrCCP (Article 280 and Article 299 of the Treaty on the Functioning of the European Union (TFEU)). The enforcement clause is affixed by the competent authority of the Ministry of Justice after verifying the authenticity of the title only, without investigating other conditions – particularly whether fundamental constitutional rights of the domestic legal order were violated.
ECHR Decisions
According to the prevailing view, judgments of the ECHR are enforced in accordance with the provisions applicable to the recognition and declaration of enforceability of foreign judgments (Articles 323 and 905 of the GrCCP).
Special Reference to UK Judgments Post-Brexit
Following Brexit, as of 1 January 2021, Brussels I Recast and the 2007 Lugano Convention no longer apply to the UK. Brussels I Recast continues to apply with reference to proceedings which have commenced on or before 31 December 2020. Therefore, UK judgments issued in proceedings which commenced before 31 December 2020 are binding and enforceable in Greece, in accordance with Brussels I Recast.
With reference to proceedings that have commenced/shall commence on/after 1 January 2021, on 8 April 2020 the UK applied to accede to the Lugano Convention, as an independent contracting state. However, this requires the unanimous consent of the other parties to that convention, including the EU member states. On 4 April 2021, the EC rejected ‒ in a communication to the European Parliament and the European Council ‒ the entry of the UK to the Lugano Convention. As things stand, no unanimous consent has not been given so far. On 1 January 2021, the UK rejoined the 2005 Hague Convention on Choice of Court Agreements, which also regulates the recognition and enforcement of foreign judgments but only in cases in which a foreign judgment has been issued on the basis of a prorogation clause. Therefore, the 2005 Hague Convention on Choice of Court Agreements is currently in force between Greece and the UK, given that the former is an EU member state (the term “judgment” does not include decisions or court orders issued on interim measures requests).
On 12 January 2024, the UK signed and on 27 June 2024 ratified the 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters as an independent contracting state with reference to proceedings. The 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters entered into force in the UK on 1 July 2025. No bilateral or any other international treaty on the recognition and enforcement of foreign judgments is currently in force between Greece and the UK.
Recognition
If a judgment has not been issued by a UK court on the basis of prorogation clause, the recognition of that judgment in Greece shall be regulated by Article 323 of the GrCCP. If a judgment is issued by a UK court on the basis of a prorogation clause, Articles 8 and 9 of the 2005 Hague Convention on Choice of Court Agreements apply to the recognition of that judgment in Greece (and vice versa). In such cases, Article 4 et seq of the 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters apply as well.
Enforcement
If a judgment is not issued by a UK court on the basis of a prorogation clause, the declaration of enforceability of said judgment in Greece shall be regulated by Article 905 of the GrCCP.
If a judgment is issued by a UK court on the basis of a prorogation clause, Articles 8 and 9 of the 2005 Hague Convention on Choice of Court Agreements in conjunction with Articles 4 et seq of the 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters apply respectively to the declaration of enforceability of that judgment in Greece (and vice versa).
Only foreign performance judgments (see 2.1 Types of Domestic Judgments (Relief Sought and Granted)) may be declared enforceable in Greece.
Non-EU foreign judgments are declared enforceable in Greece in accordance with the procedure set out in Article 905(1) of the GrCCP.
As soon as a foreign court judgment is declared enforceable in Greece, enforcement proceedings in accordance with Articles 904 et seq of the GrCCP may be initiated.
The costs incurred in the proceedings for the declaration of enforceability of foreign judgments are relatively limited. They extend to the following:
No fees apply to the issuance of the writ of enforcement.
As mentioned in 3.4 Process of Enforcing Foreign Judgments, once declared enforceable, foreign judgments are enforced in Greece in accordance with the provisions of the GrCCP that apply to domestic judgments. In light thereof, as regards the challenging of enforcement, please refer to 2.5 Challenging Enforcement of Domestic Judgments.
Greece is a signatory to the New York Convention, ratified by virtue of Legislative Decree No 4220/1961, which entered into force on 16 July 1962. Greece has adopted a dualist model, distinguishing between domestic and international arbitration, subjecting them to different legal regimes presenting notable differences. Domestic arbitration is regulated by Articles 867–903 of the GrCCP, whereas international arbitration is regulated by Law 5016/2023.
Domestic and International Arbitral Awards
Arbitrations seated in Greece concerning disputes not presenting any international element are considered domestic, whereas arbitrations seated in Greece on international disputes are considered international.
On the internationality of arbitration, Article 3(2) of Law 5016/2023 adopts the criteria prescribed in Article 1(3)(a) and (b) of the UNCITRAL Model Law. More specifically, an arbitration is deemed to be international if;
As of their issuance, both domestic and international arbitral awards advance to res judicata and are enforceable without any further proceedings (Article 896 of the GrCCP and Article 43 of Law 5016/2023, accordingly). Arbitral awards are not subject to any means of appeal. Any party may apply to set aside an arbitral award rendered in Greece, provided that it has legal interest. The grounds for setting aside are exclusively enumerated in Article 897 of the GrCCP (for domestic arbitral awards) and in Article 43(2) of Law 5016/2023 (for international arbitral awards).
Pursuant to Article 43(7) of Law 5016/2023, by express and specific agreement in writing, the parties may waive at any time their right to seek to set aside an arbitral award. In such case, the parties maintain the right to raise in the context of enforcement proceedings grounds that constitute setting-aside grounds.
The filing of an application to set aside an arbitral award does not result automatically to stay of enforcement. Pursuant to Article 899(3) of the GrCCP, upon the filing of an admissible application to set aside, the applicant may apply for stay of enforceability of the arbitral award. The application for stay of enforceability is tried in accordance with the provisions of the GrCCP on interim measure proceedings (Articles 686 et seq). It is admitted if the court is satisfied that at least one of the grounds for setting aside put forward is likely to be valid.
Foreign Awards
On the basis of the territoriality principle, arbitral awards rendered by arbitral tribunals seated abroad are considered foreign. In contrast to arbitral awards rendered in Greece, the recognition of foreign arbitral awards and a declaration of their enforceability are required.
Enforceability of Foreign Awards
Recognition of foreign arbitral awards and declarations of their enforceability are governed by the New York Convention. On 18 April 1980, Greece proceeded to make the reservations of reciprocity and commerciality, in accordance with Article 1(3) of the New York Convention. Nonetheless, both reservations have been rendered moot, given that ‒ under Article 45(1) of Law 5016/2023 ‒ the New York Convention controls the recognition and enforcement of any foreign arbitral award.
As already mentioned in 4.1 Legal Issues Concerning Enforcement of Arbitral Awards, arbitral awards rendered in Greece are enforceable as of their issuance. Enforcement is governed by Articles 904 et seq of the GrCCP. Once declared enforceable in Greece, foreign arbitral awards are enforced the same way ‒ ie, pursuant to the above-mentioned provisions of the GrCCP.
Please refer to 2.1 Types of Domestic Judgments and 3.3 Categories of Foreign Judgments Not Enforced. Only arbitral awards upholding performance claims are enforceable. Awards ordering interim relief measures are also enforceable. Arbitral awards of declaratory nature or constitutive effect are not enforceable.
Please refer to 4.2 Variations in Approach to Enforcement of Arbitral Awards. Procedural matters pertaining to the declaration of enforceability of foreign arbitral awards are governed by Articles 903 and 906 in conjunction with Article 905 of the GrCCP.
Application Process
For the declaration of enforceability of foreign arbitral awards, a standalone application is filed with the locally competent single-member court of first instance. This is either the court of the place where the debtor holds assets or – should the allocation of such court not be feasible – the Athens Single-Member Court of First Instance. The application is adjudicated in accordance with the provisions of the GrCCP on non-contentious proceedings (Articles 740–781 of the GrCCP).
The application for a declaration of enforceability may be submitted by any party entitled to initiate enforcement based on the foreign judgment. Neither addressing the application against the debtor nor serving it upon the latter is required. Summoning the debtor to participate in the proceedings is not required, unless ordered by the court (Article 748(3) of the GrCCP).
The judgment on the application for recognition and declaration of enforceability is subject to appeal. Yet, neither the time limit for the filing of the appeal nor the actual filing of the appeal suspend the binding effects of the judgment.
If summoned to participate in the above-mentioned proceedings, the party withstanding recognition and declaration of enforceability may raise any of the grounds set out in Article V of the New York Convention. If not summoned, that party may file a third-party challenge against the judgment admitting the application for recognition and declaration of enforceability of the foreign arbitral award, pursuant to Article 773 of the GrCCP. Said third-party challenge may be premised on the grounds set out in Article V of the New York Convention.
Required Documentation
Deviating from Article IV of the New York Convention, Article 45(3) of Law 5016/2023 provides for a more favourable legal framework. More specifically, pursuant to Article 45(3) of Law 5016/2023, the party applying for recognition and enforcement of a foreign arbitral award must submit to the competent court the original award or an authenticated copy thereof. For awards drafted in a language other than Greek, the court may require the applicant to supply an official translation.
In accordance with Article VII(1) of the New York Convention, Article 45(3) of Law 5016/2023 prevails over Article IV of the New York Convention as a more favourable provision. Against this backdrop, the applicant is not required to submit with the court the original arbitration agreement or a duly certified copy thereof. Moreover, the applicant is not required to submit the duly authenticated original award or a duly certified copy thereof, either. The submission of the original award or of an authenticated copy thereof suffices.
Please refer to 2.3 Costs and Time Taken to Enforce Domestic Judgments.
Please refer to 2.5 Challenging Enforcement of Domestic Judgments.
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info@zeya.com www.zeya.comEnforcement of Judgments and Arbitral Awards in Recent Greek Judicial Decisions and Legislative Reforms
Greece has witnessed significant judicial and legislative activity concerning the enforcement and recognition of arbitral awards and judgments. This article explores key judicial decisions and the recent enactment of Law 5016/2023, which reshapes the landscape of international commercial arbitration in Greece. The focus will be on the enforcement of arbitral awards, owing to the concentration of recent developments in these areas. It will also discuss the 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters, which entered into force in Greece in September 2023.
Supreme Court judgment No 805/2021 ‒ ex parte proceedings in arbitration
The Supreme Court of Greece, in its judgment No 805/2021, addressed critical procedural questions regarding ex parte applications for the recognition and enforcement of arbitral awards. The court clarified two pivotal points (and, in this way, went against the prevailing position in legal doctrine): whether the application to declare an award enforceable must be directed to the award debtor and whether the award debtor is rendered a formal litigant party in such proceedings. The court answered negatively to both, establishing that these applications do not require the procedural presence or notification of the award debtor, thus confirming the non-contentious nature of these proceedings.
Ex parte proceedings ‒ definition and context
Ex parte proceedings are those conducted without the presence of all parties involved, typically because the nature of the proceedings requires immediate action or because one party is unresponsive or because of the non-contentious nature of the proceedings in question, as was the case here. In the context of arbitration, ex parte applications are often made to enforce arbitral awards quickly and efficiently.
Supreme Court’s rationale
The Supreme Court’s decision in judgment No 805/2021 clarified the following two critical points regarding the procedural aspects of enforcing arbitral awards.
These clarifications emphasise that the recognition of enforceability is inherently non-contentious and the absence of the award debtor does not infringe on any procedural requirements. The award debtor can bring a third-party challenge against the decision declaring the award enforceable, coupled with a motion to suspend enforceability. In result, however, the award creditor has the upper hand and initiative to act.
Implications for arbitration practice
This decision favours award creditors by streamlining the enforcement process. Key implications include the following.
Agrinio court decision on cryptocurrency payments – public policy considerations
The single-member first-instance court of Agrinio, in its Decision No 193/2018, tackled the contentious issue of whether an arbitral award that mandates payment in cryptocurrency aligns with Greek public policy. Although the decision was made in 2018, it made headlines in 2022 when it was published (and was also ratified by the appellate court), drawing significant attention due to the global rise of cryptocurrencies and their increasing use in commercial transactions.
In this case, the petitioner sought the recognition and enforcement of a foreign arbitral award that required payment in Bitcoin. The court had to consider whether such an award could be enforced under Greek law, especially in light of public policy concerns.
Legal framework
The recognition and enforcement of foreign arbitral awards in Greece is governed by the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (the “New York Convention”) and the Greek Code of Civil Procedure. Under these frameworks, a foreign arbitral award may be refused recognition if it is contrary to Greek (international) public policy.
Public policy and cryptocurrency
Public policy is a broad and often nebulous concept that encompasses the fundamental principles and values of a legal system. In the context of cryptocurrency, several public policy concerns arise, including the following.
Court’s decision
The Agrinio court refused to recognise and enforce the arbitral award on the grounds that requiring payment in Bitcoin was contrary to Greek public policy. The court noted the following.
Implications for arbitration and commercial transactions
This decision has significant implications for both arbitration and commercial practice in Greece. Key takeaways include the following.
Greece’s Supreme Administrative Court judgment No 251/2022 ‒ broader implications
Greece’s Supreme Administrative Court (ie, Greece’s Conseil d’État), in its judgment No 251/2022, addressed the issue of the enforceability of arbitration agreements in the context of administrative law. This decision has significant implications for the enforceability of foreign arbitral awards, especially within the framework of EU law and the principles established by the CJEU’s decision in Achmea BV v Slovak Republic (Case C-284/16) (“Achmea”).
The case involved a concession agreement that had been ratified by law and the issue was whether disputes arising from the agreement could be submitted to arbitration. The court had to consider the interplay between legislative acts and arbitration agreements.
Alignment with Achmea
The court’s decision in this case can be seen in the broader context of the CJEU’s decision in Achmea. In Achmea, the CJEU held that arbitration clauses in bilateral investment treaties (BITs) between EU member states are incompatible with EU law because they undermine the autonomy of the EU legal order.
Key points from the judgment
The key takeaways from the Conseil d’État judgment No 251/2022 are as follows.
Critical perspective
The court’s reasoning has been criticised for the following reasons.
Implications for arbitration practice
In light of this decision, it might be difficult to negotiate arbitration clauses with the Legal Council of the State (ie, the lawyers for the Greek State) who are tasked with negotiating public concession contracts. They might refuse to agree on arbitration clauses that extend to EU law matters for fear of future non-enforcement of any ensuing arbitral award. This reluctance stems from the potential for such clauses to be rendered unenforceable, as demonstrated by the Conseil d’État’s unfortunate alignment with the Achmea decision.
Law 5016/2023 ‒ strengthening arbitration framework
Article 45 of Law 5016/2023 explicitly mandates the application of the New York Convention in Greece. This provision underscores Greece’s commitment to the international arbitration framework established by the New York Convention, ensuring the enforcement of foreign arbitral awards irrespective of whether the traditional preconditions (eg, mutuality) are met.
Article 45 of Law 5016/2023’s key provisions are as follows.
The implications for arbitration practice are as follows.
The 2019 Hague Convention ‒ expanding the scope of enforcement
The 2019 Hague Convention on the Recognition and Enforcement of Foreign Judgments in Civil or Commercial Matters (the “2019 Hague Convention”), which entered into force in Greece in September 2023, represents a significant milestone in the international enforcement landscape. This convention aims to streamline and enhance the process for recognising and enforcing foreign judgments, by creating a common legal framework irrespective of whether a choice of court agreement between parties to an international dispute is in place.
Key provisions of the 2019 Hague Convention
The key provisions of the 2019 Hague Convention are as follows.
Implications for Greek practice
The implications of the 2019 Hague Convention for Greek enforcement practice are as follows.
Practical guidance for practitioners
Practitioners are well-advised to take the following guidance into consideration in respect of the 2019 Hague Convention.
Conclusion
The recent judicial decisions and the enactment of Law 5016/2023, alongside the entry into force of the 2019 Hague Convention, represent significant developments in the Greek arbitration and enforcement landscape. Law 5016/2023 represents a significant advancement in the Greek arbitration framework, while the 2019 Hague Convention further broadens the scope of enforceable foreign decisions, solidifying Greece’s commitment to international legal standards.
The Supreme Court’s judgment No 805/2021 and the Agrinio court’s decision on cryptocurrency payments underscore the procedural nuances and public policy in the enforcement of arbitral awards. The decision by Greece’s Conseil d’État to apply the principles of Achmea to a commercial arbitration clause in a concession agreement has significant implications for the arbitration landscape in Greece and the EU. This approach risks undermining the effectiveness of commercial arbitration and could discourage foreign investment. It is crucial for practitioners to carefully navigate these developments and advocate for a more nuanced application of EU law principles in arbitration-related disputes.
The unconditional application of the New York Convention set out in Article 45(1) of the new arbitration law ensures the broad enforceability of foreign arbitral awards, removing traditional preconditions and broadening the scope of enforcement. Together, these provisions strengthen Greece’s position as a reliable and attractive jurisdiction for international arbitration. Practitioners should leverage the flexibility and robustness provided by these articles to draft and enforce arbitration agreements effectively.
As Greece continues to refine its arbitration laws and practices, staying informed about these trends and developments will be crucial for effectively managing arbitration proceedings and ensuring the enforceability of arbitral awards and foreign judgments. For clients and practitioners involved in arbitration and litigation in Greece, these changes provide a robust legal framework that supports the efficient and fair resolution of disputes.
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