contains(.,'x03d5')">

your input mi element does not contain that character string, it
contains a single character with unicode value hex 3d5, the input is
iidentical if you use a numeric reference as here or just type the
character directly, xslt can not see the difference.

so you can swap them in a single call, 
<xsl:value-of
select="translate(.,'&#x03d5&#x03c6','&#x03c6;&#x03d5;')"/>

again each of the 2nd and 3rd arguments to translate in tehabove line is
a string of length 2, not a string of length 16.

David

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