Importantly, legal action is also not permitted if the borrower is complying with the terms of any alternative repayment arrangement agreed with the lender or when an appeal by the borrower is being processed. A lender can commence legal action where the borrower does not co-operate, where the borrower commits fraud, or in the event of breach of contract.
BIS central bankers’ speeches  3  2. Renewing the European project  We must be clear, however: the euro area is an irreversible project, not simply a fixed exchange rate system. This statement is all the more necessary as the recent negotiations concerning Greece have let the evil genie of a country exiting the euro area (even temporarily) out of the bottle.