70,000 Greek Borrowers Hold Out for Debt Relief Amid Supreme Court Ruling

Approximately 70,000 borrowers in Greece who took out loans denominated in Swiss francs are refusing to accept the recent legislative amendment that provides for a workout scheme. Despina Soniadou, president of the Swiss Franc Borrowers Association, explained the reasons behind this refusal during an interview on BNtv's MAGGA show.

The new amendment aims to provide debt relief to borrowers by allowing them to restructure their loans and take advantage of a more favorable exchange rate. However, Despina Soniadou argued that the amendment does not go far enough in addressing the issue of unfair exchange rates.

Courts in other European countries have already ruled that exchange rate clauses are unfair, resulting in significant debt relief for affected borrowers. Despina Soniadou believes that a similar decision by the Greek Supreme Court would be a major breakthrough for the 70,000 borrowers who remain 'hostages' of the banks.

The outcome of the case will have far-reaching implications for mortgage holders and the broader financial sector in Greece.