GREECE Law and Practice Contributed by: Betty Smyrniou, Bahas, Gramatidis & Partners
reduction of value. The process, from the filing to the issuance of the decision, could last up to six months. 2.6.5 Domestic Courts’ Approach to Foreign Laws and Judgments Greek courts will generally uphold: • a foreign law as the governing law of an aircraft lease between a French and a foreign party; • the submission to a foreign jurisdiction; • a contractual waiver of jurisdiction immunity by the parties of such lease; and • a contractual waiver of immunity from execution that expressly describes the assets subject to the waiver of such immunity. 2.6.6 Domestic Courts’ Recognition of Foreign Judgments/Awards Domestic courts could recognise and enforce a final judgment of a foreign court or an arbitral award with - out re-examination of the matter, unless it is shown that: • the judgment contradicts any decision previ - ously issued in Greece concerning the same case between the same parties, or if the judgment is incompatible with an earlier judgment given in another EU member state or in a third state involv - ing the same cause of action and the same parties, provided that the earlier judgment fulfils the condi - tions necessary for its recognition in the member state addressed; • the lawsuit has not been served on the defendant in a timely manner; and • the judgment is contrary to good morals or public order, in each case, as dictated by Greek law. 2.6.7 Judgments in Foreign Currencies Greek judgments are in euros. However, they can be converted from a foreign currency. 2.6.8 Limitations on Lessors’ Actions Following Termination In certain cases, Greek courts may consider addi - tional rent as a penalty clause following termination of a lease for default (including where the lessee fails to return the aircraft), depending on the facts and the wording of the contractual undertakings.
Greek courts may reduce penalty clauses if excessive, depending on the facts of the case and the contrac - tual undertakings. Under Greek legal precedent, there may be restric - tions with regard to punitive damages. Statutory provi - sions regulate default/compound interest. 2.6.9 Lessor’s Requirement to Pay Taxes/Fees A lessor under an aircraft lease is not required to pay substantial taxes or fees (ie, non-nominal, except in cases of request for judicial payment where the duties paid are a specific percentage of the amount) in con - nection with the recognition and enforcement of such lease in Greece. 2.6.10 Mandatory Notice Periods The governing law will be applicable for notice periods if the aircraft is operated domestically or leased by a domestic operator. 2.6.11 Lessees’ Entitlement to Claim Immunity Whether the lessee is entitled to claim any immunity from suit, execution, attachment or other legal pro - cess will depend on its actual identity. If the lessee is a sovereign body or other government organ, it may be able to claim sovereign immunity. 2.6.12 Enforcement of Foreign Arbitral Decisions Greece has adopted the Convention on the Recogni - tion and Enforcement of Foreign Arbitral Awards 1958 (the “New York Convention”). Greece’s domestic courts recognise and enforce arbi - tral decisions. 2.6.13 Other Relevant Issues There are no other relevant issues that lessors should be aware of in relation to the enforcement of their rights. 2.7 Lease Assignment/Novation 2.7.1 Recognition of the Concepts of Contractual Assignment and Novation Greece recognises the concepts of contractual assignment and novation.
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