Dimitri is primarily a devoted practicing lawyer for almost 40 years, member of the Athens Bar Association; he is a technology enthusiast and this has very much affected his professional orientation and management style. His practice areas include Aviation, Arbitration, Banking, & Financing, Contract & Commercial, Corporate & M&A, Energy, Litigation and TMT. In parallel, he manages Cocalis & Psarras since 2003.
Dimitri has led many major M&A and Privatization projects in Greece, the Balkans, the Black Sea region and the wider Mediterranean region and has sat in several significant international arbitrations.
He has lectured in open and closed seminars and has organized and led workshops, mainly on telecommunications and technology matters, M&A and venture capital transactions and has contributed articles in several legal publications.
Dimitri was born February 1, 1951 in Athens, Greece, graduated the Varvakeion Lyceum in 1969 and the Aristotle University of Thessaloniki in 1973 (Law Degree), then attended Panteion University for Political & Economic Science (1974); Was admitted to practice in 1977 and admitted to the Supreme Courts of Greece in 1988. Languages: English, French and (elementary) Italian
Unfair Trading Practices (Kluwer 1996), Recent Energy Legislation in Greece (International Oil & Gas Finance Review 2004), Recent developments in the Geek corporate finance legal framework (IFLR 2005) Recent Oil & Gas developments in Greece (International Oil & Gas Finance Review 2005), Greece moves to “clean – up” its act (International Oil & Gas Finance Review 2006), Oil & Gas developments in Greece: Biofuels & Natural Gas (International Oil & Gas Finance Review 2007), Greece an Oil & Gas supply crossroad in the making (International Oil & Gas Finance Review 2008) “Hellenic Financial Stability Fund to provide safety net for banking system” (ILO 2010), “Relief from performing and non-performing bank loans and facilities” (ILO 2010), “Surviving the Crisis” (ILO 2009), “Race for Capital Adequacy” (ILO 2009), “Support Plans for Banks”, “Monitoring Housing Loans and Residential Property Indexes” (ILO 2009), “Issues with Cash Pooling and Bond Loans” (ILO 2009).
The Code of Civil Procedure sets out a number of conditions that must be met in order for a foreign arbitral award to be recognised and enforced in Greece. The conditions that applicants must satisfy in this regard are in line with the New York Convention, to which Greece is a signatory. This article provides comprehensive guidance on the recognition and enforcement process's requirements.
Under Article 897 of the Code of Civil Procedure, an arbitral award can be annulled in whole or in part by a decision from the competent national court only if it is contrary to, among other things, public order provisions or bonos mores. Examples of public order provisions that would justify the annulment of an arbitral award include jus cogens rules which have been enacted in order to protect the public interest.
A memorandum of agreement signed by the government, the European Commission, the European Central Bank and the International Monetary Fund provides for the foundation of a monetary and financial stability fund. The aim of the fund is to maintain the stability of the national banking system by supporting the capital adequacy of banks operating in Greece and creating a safety net for this purpose.
Law 3816/2010 is a controversial piece of legislation which was enacted after lengthy debate on a Ministry of Economy, Competitiveness and Shipping initiative. The aim of the law is to keep businesses solvent by means of the compulsory rescheduling of their banking debt. The basic function of the law is to reschedule performing and non-performing loans and facilities.
Greece began the year rather badly in terms of creditworthiness. However, doubts over demand for bonds at reasonable spreads faded and spreads tightened as fragile confidence has been gradually rebuilt. The new moderately socialist government is expected to do better at addressing contentious issues within the economy, in terms of both revenue and spending.
The National Bank of Greece has anticipated the need for capital in the banking sector with a €1.25 billion share issue, which has caught most of the other major Greek banks off guard, although some smaller banks have already launched or are implementing capital increases. The Greek credit rating bureau Teiressias has introduced a credit-scoring system, the effect of which remains to be seen.
The state support plan for Greek banks, which aims to enhance liquidity in the domestic market, is facing a number of implementation difficulties. As a result, its progress has been disappointing. Some problems relate to the plan's incompatibility with existing corporate legislation (eg, in the case of equity support by issue of preferred shares to the state against state bonds in lieu of cash); others have to do with the form of support.
In the effort to overcome the worldwide financial crisis, every available financing tool is useful. Governments should aim to make financing accessible, legally stable and cost effective (including applicable taxation). Unfortunately, such goals are not always well served; this update provides two controversial examples relating to the function of cash pooling and certain bond loans in Greece.
Amid controversy and disputes between the government and banks as well as banks and borrowers, Parliament has voted on the much-debated Liquidity Enhancement of the Economy Bill, which is intended to address the effects of the international financial crisis. The total value of the state support package reads €28 bilion but is in fact capped at €23 billion.
Probably the most obvious risk that the Greek banking system faces in the current economic crisis is limited liquidity. Although a general drop in turnover and profitability in Greek banking business should be expected, extensive casualties would come as a surprise. A probable effect will be an acceleration of the prospective concentration in the Greek banking sector.