"Equity is the name given to the set of legal principles, in countries following the English common law tradition (see English law), which supplement strict rules of law where their application would operate harshly, so as to achieve what is sometimes referred to as "natural justice." It is often confusingly contrasted with "law", which in this context refers to "statutory law" (the laws enacted by a legislature, such as Parliament), and "common law" (the principles established by judges when they decide cases)." (from Wikipedia)

It is a strange term for a Greek lawyer (Greek law does not have anything like equity) but obviously Cypriot law recognises equity, since the law of Cyprus is heavily influenced by English law.

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Note added at 20 mins (2007-11-04 15:15:44 GMT)
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Equity is hardly ever spoken of as "law" since that connotes common law.

"The student should not allow himself to be confused by the lawyer's habit of contrasting "law" and "equity", for in this context "law" is simply an abbreviation of common law. Equity *is* law in the sense that it is part of the law of England; it is not law only in the sens that it is not part of the common law." Glanville Williams, Learning the Law, 10th ed. (1978), p. 23.