New bill aims to protect borrowers
A new draft law by the Ministry of National Economy and Finance includes eight measures to protect vulnerable borrowers, increase transparency in how borrowers are informed by servicers, and enhance competition within the banking system.
The bill was unveiled for public consultation from Wednesday up to November 22.
Minister Kostis Hatzidakis said that “with key interventions through the bill that was put to public consultation, we aim for the holistic, definitive and substantial management of private debt by shielding the truly vulnerable debtors while strengthening competition in the banking system.”
