BUSINESS

Courts inundated with primary residence protection cases

TAGS: Property, Economy

More than 100,000 cases regarding the protection of primary residences for overindebted households are supposed to be heard in Greek courts in 2017 and 2018.

This concerns more than half of the cases outstanding in the context of the so-called Katseli Law – named after former Economy Minister Louka Katseli – through which loans adding up to 18 billion euros are expected to be settled.

Data show that so far only one in 200 debtors (0.5 percent) have managed to have their debts written off, while 30-35 percent have had their cases rejected altogether, forcing them to pay the banks the entire amount owed.

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