BUSINESS

Property auctions resume after six-month pause

EVGENIA TZORTZI

TAGS: Banking, Economy

After a six-month freeze, property auctions resumed on Wednesday, instigated by banks, bad-loan managers and private parties.

Out of the 320 auctions scheduled for Wednesday, some 150 took place as normal, while the others were put off or canceled.

The resumption of auctions was a strong demand of banks that wanted to prevent the abuse of protection by strategic defaulters, at a time when banks have introduced expanded programs for loan tranche payment suspension for borrowers hurt by the coronavirus crisis.

The loan moratoriums add up to over 18 billion euros, but they only concern reliable debtors.

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