Tsakalotos says protection of main home will continue

Tsakalotos says protection of main home will continue

Finance Minister Euclid Tsakalotos said on Friday that although the protection of debtors’ main residences will be abolished in January 2019 when the Katseli law ceases to apply, the government is seeking ways to ensure that debtors in need of protection are not left without a safety net and is aiming to present a solution soon.

Discussions are under way between Athens and the country’s creditors to agree on a framework that will provide a degree of protection to replace the law named after former economy minster Louka Katseli.

Tsakalotos told Sto Kokkino Thessaloniki radio that borrowers who have applied for protection under the Katseli law will not lose its benefits after the expiry of the legislation’s application period.

He also said the ministry is examining various plans to tackle the bad-loans problem, in association with the Hellenic Financial Stability Fund and the banks themselves.

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