ECONOMY

Rapid processing of borrowers’ pending applications

rapid-processing-of-borrowers-pending-applications

The Justice Ministry has tabled a bill for the swift processing through the courts of the 75,000 pending cases due to borrowers’ demands for protection based on the so-called Katseli law, named after former economy minister Louka Katseli.

These cases currently have a court dates up to the year 2032, but the ministry is aiming to clear them by the end of 2022 by distinguishing between strategic defaulters and borrowers truly in need of protection.

An online platform will be created for the resubmission of applications that will then be processed and examined without a regular court hearing, leading to rapid decisions.