New law to allow loan holders to restructure bank debts

The government is due to unveil legislation in the next few days that would allow bank customers to restructure their loans if they find themselves near or below the poverty line, a Development Ministry official said on Monday.

Speaking to Skai TV, general secretary for consumers Giorgos Stergiou said that the bill would also permit for the first time unemployed Greeks to be granted a loan repayment moratorium without it affecting their credit rating.

“We want to make significant changes to the current legislation to stop thousands of loan holders being held hostage,” said Stergiou.

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