NEWS

Large household debts to be settled out of court

Large household debts are to be settled out of court and with the mediation of

lawyers, according to legislation being drafted by the Justice Ministry.

According to the draft bill, excessively large debts burdening Greek household will be settled by the lawyers representing the debtor and the bank in each case.

The aim is to allow the settlement to be concluded speedily and without additional costs that drawn-out court procedures would bring.

The provisions of the new bill are to be added to existing legislation for indebted households, according to sources who said that debts will not be pursued by authorities while the settlement procedure is underway.