NEWS

Loans in Swiss francs to be repaid at current rate

TAGS: Finance

Greece’s Supreme Court has overwhelmingly ruled that some 70,000 people who had taken out loans in Swiss francs will have to repay them at the current exchange rate and not that at the time they were issued by the banks. 

Due to a currency appreciation of the Swiss franc, many borrowers have seen the cost of their loan increase despite having paid regular installments in repayments.

The court ruled that borrowers were not, as they claimed, misled by the banks, which were deemed to have sufficiently warned customers of the dangers involved in foreign currency loans.

The franc is at its strongest level against the euro since 2017.

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