Coalition bent on protecting weaker groups

The coalition government appears determined to extend the agreed foreclosure protection period for first homes and vulnerable social groups, even if unilateral action is required in the event that the country’s creditors, known as the troika, do not consent to the initiative.

Following a whirlwind of meetings late in the week at the Finance and Development ministries, the latest information indicates that the government is working on extending the foreclosure extension period, set to expire at the end of this year.

The measure, legislated early in 2014, was made available to property owners with assets and incomes not exceeding stipulated amounts as protection against banks seeking to initiate foreclosure procedures because of overdue loan payments.

Development Ministry sources have noted that priority is currently being given to restructuring nonperforming business loans. Home loans revisions have been put on the back burner.

According to sources, the core aspects of a bill prepared by the ministry for revisions to the terms of loans extended to small and medium-sized enterprises have already been approved by the troika ahead of its meetings with Greek officials in Paris next week.