Fore­clo­sure pro­tec­tion to be tight­ened

Kathimerini English - - Front Page - EVGENIA TZORTZI

Tougher cri­te­ri­afor the pro­tec­tion of pri­mary res­i­dences from fore­clo­sure, in­clud­ing the fast-track­ing of cases, have been in­cluded in new laws pro­posed by the Greek gov­ern­ment to tackle the is­sue of bad loans. The new laws form part of the SYRIZA gov­ern­ment’s com­mit­ment to eas­ing the coun­try’s so-called hu­man­i­tar­ian cri­sis.

These in­clude the pos­si­bil­ity of joint ven­tures be­tween banks and debt man­age­ment com­pa­nies which will pro­mote ac­tive poli­cies such as the trans­fer or sale of prop­erty to a third party in co­op­er­a­tion with the loan holder and real es­tate agen­cies.

The gov­ern­ment plans to cre­ate a per­ma­nent safety net, in­clud­ing mea­sures to sup­port vul­ner­a­ble groups and dis­tin­guish be­tween those who can pay back loans but won’t and those who gen­uinely can’t. By Novem­ber of this year, the Coun­cil of Pri­vate Debt must be es­tab­lished to fa­cil­i­tate the mea­sures.

Ad­di­tion­ally, by De­cem­ber, the gov­ern­ment must es­tab­lish a co­or­di­na­tion sys­tem for deal­ing with bor­row­ers with sub­stan­tial debts to the state and other bod­ies, the clas­si­fi­ca­tion of com­mer­cial bor­row­ers and leg­is­la­tion to fa­cil­i­tate the rapid clear­ance of non­per­form­ing loans.

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