The situation of extreme economic and financial difficulty that the Greece obviously has significant repercussions on international trade, aggravating the situation relating to outstanding payments. In fact, since 2005, and more and more during the crisis that the Greek country is going through, the number of outstanding debts has been growing and higher than the world average. These alarming data prompt us to provide Italian exporters with a quick review of the payment instruments available and the credit recovery methods in force in Greece. For this purpose, we make use of an interesting comment that appears on the Coface website, the French Export Credit Agency.
Payment tools
Generally speaking, given the situation, it is advisable to use means of payment which guarantee the exporter to a greater extent than a simple swift transfer such as for example bills and drafts accepted in the medium term, documented remittances, sight draws or, if possible, short-term documentary credits.
Le change them are widely used by Greek companies both in the domestic market for international transactions and together with promissory notes are no longer subject to stamp duty since January 2002. In the event of non-payment it is necessary to certify the same within two days from the expiry date of the payment by a public notary.
Similarly, the Cheques they are widely used in international transactions even if internally they are normally used more as a credit instrument than as a payment instrument through the post-dating of the same. This case, if explicitly accepted by the creditor, represents a rather used and common practice. Furthermore, anyone who issues a bad check is liable to legal action following a normal complaint.
I I will pay bills (hyposhetiki epistoli) are also very popular as a means of payment in international transactions by Greek companies. They are written agreements containing a payment obligation issued to the creditor by the client's bank. Even if promissory notes are sufficiently effective instruments as they constitute a clear recognition of the debt by the buyer, they are not considered a promissory note and therefore do not fall within the scope of the "promissory act".
I SWIFT transfers banks, well established in the Greek banking circuit, are used to settle a growing share of transactions thanks to the security and speed of payment.
As regards the documentary credits, the real problem is to find an Italian bank willing to provide confirmation on credits opened by Greek banks: an unconfirmed credit in fact leaves the door open to Greek risk, as well as to the risk of the issuing bank. It is not always easy, and the costs are very high.
Credit recovery
The debt collection process starts when the letter is sent payment request, to registered mailto the debtor. The request must contain a reminder of the payment obligations, including any penalties in the form of interest, agreed in the contract or in the absence with reference to the legal interest rate. A presidential decree dated June 5, 2003 establishes that, in the absence of a different contractual provision, interest must be calculated starting from the day following the payment date established in the contractual agreement and the reference rate to be used is equal to the refinancing by the ECB increased by 7 percentage points.
Creditors can ask a payment order (diataghi pilromis) al judge through a lawyer through an accelerated procedure, generally lasting one month from the date of submission of the application.
To start the procedure, the creditor is in possession of a written document proving the credit. This document can be a promissory note, a private agreement acknowledging the debt, the original of an invoice containing the list of goods sold and the purchaser's signature of receipt or the original of the delivery note signed by the purchaser.
La sentence issued by the judge authorizes immediate execution without prejudice to the defendant's right to lodge an objection within 15 days. The opposition does not normally have the suspensive nature (to request the suspension, an explicit request is required by the debtor to the judge).
Since October 2003, XNUMX new ones have been established competence thresholds in relation to debt collection:
· up to 12.000 euros the Justice of the Peace (Eirinodikeio) is competent;
· up to 80.000 euros, a monocratic body of first instance (Monomeles Protodikeio) is competent;
· over 80.000 euros the competence is entrusted to a panel made up of three judges (Polymeles Protodikeio).
In cases where the collegial body is responsible, in accordance with the provisions of the code of civil procedure, a first attempt at mediation between the parties is necessary under the aegis of the appellant's lawyer to find an out-of-court solution to the case .
In cases where creditors are not in possession of a document certifying non-payment on the part of the debtor, the only alternative is to obtain the summons of a ordinary procedure. The duration of these proceedings varies significantly between 1 and 3 years depending on the complexity of the case, the analysis of the probative documents and the hearing of the witnesses deemed essential for the proper conduct of the case
In line with these data are the references provided by the World Bank, according to which the payment recovery period resulting from a defaulted contract is enough lungo, reaching an average of 819 days with a cost of 14,4% of outstanding debt largely due to legal fees.
