GREECE Trends and Developments Contributed by: John Dryllerakis, Claire Sergaki and Vasileios Plakoulas, Dryllerakis Law Firm
Dryllerakis Law Firm 5 Chatzigianni Mexi Street Athens GR 115 28 Greece Tel: +30 211 000 3456 Fax: +30 211 000 5200 Email: lawoffice@dryllerakis.gr Web: www.dryllerakis.gr
The Greek International Commercial Arbitration Act (Law 5016/2023) and further legislative developments The landscape of international commercial arbitration has undergone significant transformation in recent years. Law 5016/2023 repealed the obsolete frame - work of Law 2735/1999 and provided a wholly novel framework with respect to international commercial arbitration. By incorporating the amendments of the 2006 UNCITRAL Model Law on International Com - mercial Arbitration, as well as the latest developments in international literature and practice of arbitration, this new Act aspires to make international arbitration a more flexible dispute resolution framework which, in turn, would make Greece a preferred location for foreign investments, as well as an attractive seat for international arbitration. The new Law 5016/2023 broke new ground by expanding the arbitrability criterion to all disputes, unless otherwise provided by law (Article 3.4). Fur - thermore, it ensured the “favor arbitrandum” principle by validating arbitration agreements based on multiple legal frameworks (Article 11), explicitly regulated the joinder of additional parties and consolidation of pro - ceedings (Article 24), and established the procedure and prerequisites for granting interim/interlocutory relief by arbitral tribunals (Article 25). These provisions are only a few examples of the innovations introduced by the new Law. Concurrently, a new Special Secretariat for Alternative Dispute Resolution was established within the Minis - try of Justice, with the purpose of further reforming the
International Arbitration in Greece: An Introduction As investments grow in Greece in sectors such as tourism, real estate, energy and infrastructure, the likelihood of commercial disputes rises and, conse - quently, the need for a more efficient and more impar - tial resolution mechanism such as arbitration. There - fore, international arbitration in Greece has steadily grown in popularity in comparison to traditional meth - ods of dispute resolution. Indeed, both domestic and international stakeholders have increasingly turned to arbitration for its efficiency, confidentiality and overall neutrality. Legislative reforms have further reshaped the domestic landscape, making Greece a more attractive venue for arbitration. At the same time, global geopolitical developments are reshaping dispute resolution dynamics. Politi - cal shifts – including a renewed focus on fossil fuels by the US administration and a notable increase in defence spending across Europe and NATO member states – are influencing investment flows and regula - tory priorities. These shifts are generating new types of disputes, particularly in the energy and defence sectors, many of which are likely to be channelled into arbitration. This article explores the interplay between domes - tic and international trends, examining how these developments are collectively redefining arbitration in Greece, and offering insight into what parties and arbi - tration practitioners should anticipate moving forward.
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