Greek Swiss franc loan borrowers face September 30 deadline

Thousands of borrowers with Swiss franc loans in Greece are facing a September 30 deadline to convert their debt into euros under a regulation from the Ministry of National Economy and Finance. This process offers a more favorable exchange rate calculation and a fixed interest rate for the remaining duration of the loan, effectively eliminating currency risk.

Approximately 60% of the 35,000 eligible beneficiaries have expressed interest, though fewer than 18,000 have completed the process. There is significant hesitation among those in the fourth category, who meet fewer income and asset criteria and thus receive a smaller exchange rate improvement of 15% and a fixed interest rate of 2.9%.

The Ministry reports that 20,624 loans totaling 2.5 billion Swiss francs remain with banks, while 17,442 loans worth 3 billion Swiss francs are managed by servicers and can be regulated through the Out-of-Court Settlement Mechanism. While the market anticipates a possible extension, the government has indicated it does not wish to create expectations for further delays.