Greek government, banks reach agreement on protection of first residence from foreclosure

The Greek government and Greek systemic banks on Wednesday reached an agreement over the framework of a new settlement on the protection of primary residence from creditors, sources close to State Minister Alekos Flabouraris told reporters.

The agreement was reached during a meeting between Flabouraris, State Deputy Minister Dimitris Liakos, Economy & Development and Justice ministries officials and representatives of Hellenic Bank Association.

The same sources said that the agreement will replace as of March 1, 2019, article 9 of the law 3869/10, while they added that the government will take all necessary actions soon to bring a new framework in the Parliament for ratification, to be followed by a process for a total revision of settlement frameworks for private debt.

The European Commission, in its second post-assessment of the Greek economy, expressed reservations -among others- on a government plan to protect first residence from creditors.

Source ANA-MPA
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