Greece Swiss franc loan restructuring deadline expires

The deadline for borrowers to apply for the restructuring of Swiss franc loans and their conversion into euros expires on September 30. Following an extension by the ministry, there has been a sharp increase in applications as borrowers seek to mitigate currency risks.

Of the original 14 billion euros in Swiss franc loans granted in Greece, approximately 60% of the principal has already been repaid. The current outstanding balance is estimated at roughly 4 billion euros. Banking experts estimate that between 70% and 75% of these remaining loans may be included in the new restructuring program if applications are completed by the deadline.

The program offers permanent conversion from Swiss francs to euros with improved exchange rates ranging from 15% to 50%, depending on the borrower's category. Additionally, the arrangement provides a fixed interest rate between 2.30% and 2.90% for the remaining duration of the loan, with the possibility of extending terms by up to five years.