Piraeus Bank offers relief to poverty-stricken borrowers

Piraeus Bank will write off credit cards and retail loans up to 20,000 euros ($21,484) for Greeks who qualify for help under a law the leftist government passed to provide relief to poverty-stricken borrowers, it said on Thursday.

Greece has received two EU/IMF bailouts totaling 240 billion euros since it was hit by a debt crisis. The austerity program imposed as a condition of the rescue has left one in four people out of work, and thousands struggling to pay debts.

The SYRIZA party was elected in January on a promise to end the belt-tightening. Its first legislative act was to pass a bill offering free food and electricity to thousands of struggling Greeks.

Piraeus said it would also write off interest on mortgages for qualifying borrowers, but did not provide details on how many people might benefit.


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