Yannis Stournaras, governor of the Bank of Greece, said provisions have
Yannis Stournaras, governor of the Bank of Greece, said provisions have been made to ensure that Greece’s financial stability will not be affected by a recent ruling of Greece’s supreme civil and criminal court, known as Areios Pagos, on loan interest linked to Law 3869 / 2010 (the so-called Katseli Law).
Speaking on public radio, Stournaras said the central bank is awaiting the official publication of the court’s full reasoning, noting that “details play an important role.”
“I want to believe that all necessary provisions have been taken so that the country’s financial stability is not affected,” he said.
Supreme Court Ruling on the Katseli Law
The ruling was issued by the plenary session of Areios Pagos on February 5, and sided with borrowers.
By a wide majority, the court decided that interest on loans included under Law 3869/2010 (Katseli Law) must be calculated based on the monthly installment amount rather than on the total outstanding loan amount.
The decision affects approximately 350,000 borrowers. As a result, their loan installments are expected to be significantly reduced, in some cases becoming almost interest-free.
Stournaras did not comment on the substance of the ruling but
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