Abstract
The country’s uncomfortable economic climate has prompted legal scholars and the courts to revisit the doctrine of unforeseen circumstances (rebus sic stantibus) as a valid basis to revise binding obligations of preexisting contracts. Whereas the Greek civil code was one of the first modern codes to contain a provision specifically devoted to this issue, courts appear to be somewhat reluctant to apply this provision directly and resort instead to an objective good faith test when entertaining cases of debtors who are unable to perform. The plurality of the reported cases concerns private lessors who request a judicial adjustment to their rent. On the other hand, the legislature has enacted special laws dealing with debts from private bank loans to consumers. While the courts and the legislature are approaching this issue in a seemingly piecemeal fashion, legal doctrine could also look at the revival of an even older discussion, that of total or partial impossibility to perform a monetary obligation.
This paper was submitted as the Greek National Report in the XIXth Congress of the International Academy of Comparative Law (Vienna 2014). The author has endeavored to state the law as on 1 June 2014.
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Notes
- 1.
See Barkbu et al. (2012), p. 422 et seq.
- 2.
In theory, internal devaluation also involves a corresponding drop in the prices of goods and services. See, e.g., Armingeon and Baccaro (2012), p. 254 et seq. This attribute, however, has not yet been observed in Greece’s case, where salaries have plunged but prices have not.
- 3.
Analysis will be made with reference to the provisions of the Greek Civil Code (hereinafter also referred to as ‘CC’), which was promulgated in 1940, and entered into force in 1946. See Georgiadis (2012), p. 95 et seq. [in Greek], with further references.
- 4.
The analysis that follows will therefore concentrate on the ‘Greek financial crisis’ through a civil law lens and shall avoid any discussion with respect to the nature, character, or cause of the broader issue of the sovereign debt crisis. For such an analysis from a Greek viewpoint, the reader may turn to Chrysogonos (2012), p. 1353 et seq. [in Greek]; Katrougalos (2010), p. 157 et seq. [in Greek]; Pavlidis (2006), p. 124 et seq.; Kostopoulou (2013), p. 34 et seq. [in Greek]; Alexandridou (2010), p. 132 et seq. [in Greek]; Moustaira (2007), p. 141 et seq. [in Greek]; Studies on the Memorandum of Greek debt (2012), p. 2641 et seq. [in Greek]. For further analysis and international overview of sovereign debt and default, see also Borchard and Wynne (1951), Wynne (1951), Panizza et al. (2009), p. 651 et seq., Lienau (2008), p. 63 et seq. (supporting an international regulation of the concept of sovereign debt and default), Boudreau (2012), Wright (2010) passim, Tsoukala (2013), p. 241 et seq., Metallinos (2013), p. 19 et seq. (describing the recent haircut of Greek bonds under a collective agreement scheme), International Monetary Fund (2003) Reviewing the process for sovereign debt restructuring within the existing legal framework. IMF, Washington D.C., passim, Krueger (2002) passim (proposing the promulgation of an international regulation dealing with sovereign default), Krugman (1985) passim, Husain and Diwan (1989) passim, Ochoa (2008), p. 109 et seq., Spector (2009), p. 771 et seq., Sachs (1999), p. 377 et seq., Liendo (2007), p. 107 et seq. (proposing the insertion of an express or inherent restructuring debt-restructuring prerequisite to any assertion of sovereign immunity).
- 5.
- 6.
Corpus Juris Civilis, Institutes 1.3.13 (“Obligatio est juris vinculum quae necessitate adstringimur alicuius solvendae rei secundum nostriae civitatis juris”).
- 7.
See Sourlas (1949) in Litzeropoulos, et al. eds. Commentary to the civil code (hereinafter referred to as ErmAK), paras 64 et seq. [in Greek]; Tsirintanis in: ErmAK, Article 287 CC, paras 8 et seq. [in Greek]; Stathopoulos (1979) in Georgiadis and Stathopoulos Article 287 CC paras 24 et seq. [in Greek]; ibid, Article 361 CC paras 3 et seq. [in Greek].
- 8.
See Stathopoulos in: Georgiadis and Stathopoulos, Article 336 CC, paras. 2 et seq.
- 9.
- 10.
Article 388 of the Greek Civil Code was one of the very first provisions articulating an exception to the binding force of contracts in the event of unforeseen change of circumstances as a matter of positive law. Historically it was only preceded, though not directly influenced, by the Polish Code of Obligations of 1933 in its Article 269. See, in more detail, Stathopoulos (2004), pp. 23–24, 1225 [in Greek]. Today, similar provisions have found their way into the text of modern national codes and international conventions. For example, Article 79 CISG [on which see Stoll and Gruber (2005) Article 79 in: Schlechtriem and Schwenzer paras 43 et seq.; Huber and Mullis (eds) (2007), p. 257 et seq.; Tallon (1987) in Bianca and Bonell (eds), pp. 572–595; Marcantonio (1985), p. 41 et seq.]; Articles 6.2.1–6.2.3 of the Unidroit Principles of International Commercial Contracts (2010) on ‘hardship’ in performing an obligation arising from a commercial contract [see, in detail, Scherer (2010), p. 219 et seq; Perillo (1997), p. 5 et seq.; for a comparative analysis of the notion of ‘hardship’ see Karampatzos (2005), p. 109 et seq.]. For a more analytical comparative approach see Hondius and Gricoleit (eds) (2014) passim.
- 11.
Translation of the provision taken from Taliadoros (2000) with minor alterations.
- 12.
- 13.
It is noteworthy that the words rebus sic stantibus are just the core of a maxim, the full text of which is: “contractus qui habent tractus succesivum et dependentiam de futurum, rebus sic stantibus, intelligentur” (Corpus Juris Civilis, Digest 4.4.8).
- 14.
See Efthymiou (1966), p. 96 et seq. [in Greek].
- 15.
- 16.
In this respect, the provision clearly adopts a modified version of the French théorie de l’imprévision.
- 17.
Under Greek contract law, a contract is formed when acceptance of the offer is received by the offeror (art. 192 CC). There seems to be disagreement in Greek legal doctrine as to whether the provision will equally apply in cases of contracts under a suspensive condition, when the change of circumstances occurs during the pendency of the condition. Some scholars place this situation under the major premise of art. 388 CC, while others refer to the principle of good faith. See, in more detail, Stathopoulos, (1979) in Georgiadis and Stathopoulos, p. 1234.
- 18.
Article 140 CC: “If in the course of the conclusion of a juridical act the declaration made by a person does not accord due to a substantial error with his will such a person shall have the right to claim the annulment of the juridical act”. Translation taken from Taliadoros (2000) with minor modifications.
- 19.
Article 141 CC: “An error is substantial when it refers to a point of such importance in regard to the whole of the juridical act that if the person in error were aware of the true situation he would not have committed the juridical act”. Translation taken from Taliadoros (2000) with minor modifications.
- 20.
Article 142 CC: “An error referring to the qualities of a person or a thing shall be deemed substantial if according to the agreement of the parties or to the requirements of good faith and business usages such qualities are of such importance in regard to the whole transaction that if the person in error were aware of the true situation he would not have committed the juridical act”. Translation taken from Taliadoros (2000) with minor modifications.
- 21.
Article 154 CC: “The annulment of a juridical act by reason of error, fraud or duress shall intervene by a Court decision. Shall only have the right to claim the annulment the person who was in error or defrauded or under duress and his heirs”. Translation taken by Taliadoros (2000) with minor modifications.
- 22.
Article 184 CC: “A voidable juridical act is assimilated after its annulment to a juridical act that was null ab initio subject to the provisions relating to real rights acquired by third parties in virtue of a contract that was voided”. Translation taken from Taliadoros (2000) with minor modifications.
- 23.
Article 143 CC: “Unless otherwise provided in the law an error referring exclusively to the motivation that prompted the will shall not be substantial”. Translation taken from Taliadoros (2000).
- 24.
- 25.
It seems that bilateral error as to the foundation of the contract will be treated under this provision. Cases of unilateral error will normally be dealt with by the provisions of arts 140–143 CC, unless the party’s unilateral error as to the foundation of the contract was known or should have been known by the other party, as good faith would dictate. See Georgiadis (2012), p. 566 et seq.; Spyridakis (1990), p. 1320 et seq. [in Greek]. The relationship between the law of error and that of revision of the contract due to change in circumstances is obvious both in the civil and in the common law. It is noteworthy that at common law the doctrine of frustration of contract has been identified as the ‘sister-doctrine’ to that of mistake . See Kull (1991), p. 1 et seq.
- 26.
See Stathopoulos (2004), pp. 1235–1236, with further references.
- 27.
See Theodoropoulos (1949) passim [in Greek].
- 28.
A simple hypothesis of the parties as to a plausible change of circumstances or a thought thereof does not necessarily mean that the parties foresaw a future change of circumstances, and will normally not displace the application of this provision. See Stathopoulos (2004), pp. 1237–1238, with further references.
- 29.
See Papanikolaou (1985), p. 940 [in Greek].
- 30.
Article 344 CC: “During the period of his delay a debtor shall be responsible for any negligence . He shall also be liable in respect of fortuitous events except if he can prove that the prejudice would have resulted even if the undertaking were performed in time”. Translation taken from Taliadoros (2000).
- 31.
- 32.
See analytically Stathopoulos (2004), p. 1239, 1245 et seq. Naturally, the parties may waive their right to invoke the protection of art. 388 CC after the change of circumstances has occurred. Equally, the parties may agree on the precise content of a revision of their contract, as long as their agreement would not constitute an unfair term in their contract. Such contractual practice has been noticed with the insertion of ‘Material adverse change’ (MAC) clauses in financial agreements. See, e.g., Berger and Filgut (2005), p. 253 et seq., Hopt (2009), p. 681 et seq., Kindt and Stanek (2010), p. 1490 et seq.
- 33.
See Sakketas (1949) in: ErmAK, Article 388 CC, para. 17.
- 34.
See Stathopoulos (1979), in Georgiadis and Stathopoulos, Articles 288 and 388 CC.
- 35.
Translation of the provision taken from Taliadoros (2000).
- 36.
See Papantoniou (1957), p. 74, 150 et seq. [in Greek], with further references.
- 37.
See Stathopoulos (2004), p. 1225, with further references.
- 38.
Areios Pagos (plenary session) decision no. 927/1982, published in Nomiko Vima (Athens Bar Association Law Review) 1982: 214 et seq.
- 39.
- 40.
- 41.
- 42.
- 43.
This date is questioned by some scholars, who identified the actual nadir of the Greek economy in the summer of 2012, when rumors of Greece’s imminent exit from the Eurozone wreaked havoc in the financial markets. See Papadimopoulos (2012), p. 630 et seq. [in Greek], Albrecht (2012), p. 1059 et seq.; Perry and Gelman (2012–2013), p. 479 et seq.; Buchheit and Gulati (2011) Greek debt – The endgame scenarios www.ssrn.com [accessed 31 March 2014]. This, in turn, prompted international law firms to circulate advice to clients on the legal repercussions of a forced change of currency in a debt of a sovereign. See, e.g., Field Fisher Waterhouse (May 2012) The Eurozone crisis and financial transactions – A comprehensive guide www.ffw.com [accessed 31 March 2014].
- 44.
Professor Karampatzos of the Athens Law School has closely monitored the attitude of the Greek courts toward the revision of contracts due to the financial crisis. He has detected a multitude of cases where the courts have either reacted positively or negatively to the application of arts 288 and 388 CC. He further argues that the ensuing crisis has had devastating effects to the local economy and that, under the principle of good faith, courts must act more generously in some cases of debtors. See analytically Karampatzos (2013), p. 92 et seq. [in Greek], idem (2011) Commentary to Greek jurisprudence. Nomiko Vima (Athens Bar Association Law Review): 2317 et seq. [in Greek] (presenting cases of private leases ); idem (2012), p. 430 et seq. [in Greek]; idem (2013), p. 92 et seq. [in Greek] (commenting on cases concerning commercial leases); idem (2012), p. 294 et seq. [in Greek] (commenting on the consequences of the haircut of Greek sovereign debt); idem (2010), p. 76 et seq. [in Greek].
- 45.
- 46.
See Venieris and Katsas (2013) passim [in Greek], Dellios (2012), p. 241 et seq. [in Greek], Paparseniou (2010), p. 915 et seq. [in Greek], Roussis (2013), p. 1166 et seq. [in Greek]. Special legislation aimed at the protection of the individual consumer has also imposed a moratorium on foreclosures on the debtor’s homestead for a prolonged period of time.
- 47.
See Perakis (2012) passim [in Greek].
- 48.
BBC Europe (28 January 2014) “Whatever happened to the eurozone crisis?” http://www.bbc.com/news/world-europe-25931829 [accessed 31 March 2014].
- 49.
Corpus Juris Civilis, Digest 50.17.185 (“impossibilium nulla est obligatio”).
- 50.
Corpus Juris Civilis, Digest 18.6; 50.17.23 (“casus a nullo prestatur”).
- 51.
- 52.
- 53.
Corpus Juris Civilis, Digest 23.3.42; 30.66§2; 31.87; 35.2.30§5; 44.7.1§§2-4; 45.1.38; 46.3.33§1 (“genus perire non censetur”).
- 54.
- 55.
The prevailing view among the Roman jurisconsults was that money was a both a fungible thing (res fungibilis) (Institutes of Gaius 2.196; 3.90) and a consumable thing (res consuptibilis), and that parties referred to the represented value of the currency and not to the physical object of the monies themselves (Corpus Juris Civilis, Institutes 2.4.2). See further Erdody (2007), p. 241 et seq.; Gasis (1949), in: ErmAK, Introduction of Articles 335–348 CC, para 52, and Introduction to Articles 291–292 CC, paras 3 et seq.; Stathopoulos (1979) in: Georgiadis & Stathopoulos, Article 336 CC para 3; idem, supra note 10, p. 1057 et seq.
- 56.
See Pothier (1764), p. 121 et seq.
- 57.
See Iatrakis (2009–2010), p. 9 et seq. [in Greek].
- 58.
See Kariv (1970), p. 533 et seq., Hirschberg (1982), p. 183 et seq., Tsimikalis (1950), p. 82 et seq, Floros (1959), p. 13 et seq. [in Greek], Kallimopoulos (1993), p. 114 et seq. [in Greek]. On the related issue of inflation, see Dawson (1934), p. 171 et seq., Dawson and Cooper (1935), p. 852 et seq.
- 59.
See Varoufakis et al. (2011) passim.
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Davrados, N.A. (2016). Financial Turmoil as a Change of Circumstances Under Greek Contract Law. In: Başoğlu, B. (eds) The Effects of Financial Crises on the Binding Force of Contracts - Renegotiation, Rescission or Revision. Ius Comparatum - Global Studies in Comparative Law, vol 17. Springer, Cham. https://doi.org/10.1007/978-3-319-27256-6_9
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