Monday brings a new wave of evictions, confiscations, foreclosures

On Monday, November 2, all acts ceased as a result of capital controls – such as foreclosures of homes as part of debt collection – will once again swing into action according to a decree by the Ministry of Justice, Transparency and Human Rights. In essence this means that banks may proceed with evictions and any kind of forced execution, whereas the issue of foreclosures of primary residence that has been on the table since last December remains open as there has been no relevant provision, nor a moratorium from banks, to protect these.

Left-wing daily newspaper, Avgi, states that a senior source from the Finance Ministry asserts that there will be no auctions of primary residences when the new decree swings into action on Monday due to the fact that there had been no such foreclosures before the imposition of capital controls.

Capital Controls had postponed all forced executions, such as evictions, confiscations and foreclosures, until October 31. On Monday, November 2, the cessation no longer applies, meaning that a number of people are in danger, especially 100,000 debtors with debts over 5,000 euros that have not reached a settlement for their debts and who have missed the bank settlements they had entered.