Third-party funding is uncommon in Greece and, to date, there is no known or recorded precedent of an arbitration funded by a third party. Although Greece has no specific regulation for third-party funding, it does not prohibit third-party funding in arbitration either. As such, those intending to engage in third-party funding are strongly advised to address potential risks (especially issues of financial interests) in carefully drafted funding agreements and other matters in the arbitration agreement itself.
The most contentious energy projects have centred on the extraction of lignite and hydrocarbons, the installation of renewable resource power plants and the development of the electricity grid. While the extraction of hydrocarbons has raised questions about the environmental effects of this activity and the consequences of oil extraction, these projects have significant support from local communities, since they promise sizeable increases in employment.
Greece has set up guarantee funds for the protection of insureds and third parties in the insurance sector. The Auxiliary Fund covers the risk of insurers for compulsory third-party liability, while the Private Life Insurance Guarantee Fund intervenes to protect the interests of policyholders in cases where an insurer engaged in life insurance goes bankrupt or into liquidation following revocation of its operating licence.