Homes below 300,000 euros protected from foreclosure
Greek banks will not foreclose on homes less than 300,000 euros as part of efforts to protect low income earners from losing their house due to bad debts, state news agency ANA-MPA reported.
Justice Minister Stavros Kontonis has reached a deal with the country's banks on imposing this limit as lenders get ready to launch electronic auctions in November, ANA-MPA reported Wednesday.
More than half the loans held by Greek banks are non performing due to the country's eight year economic downturn, forcing lenders to auction off assets tied to them in a bid to get their money back.
Greece's lenders have been slow to take steps tackling this massive pile of bad debt, drawing criticism from European bank regulators and Greece's international creditors.