Creditors to insist on residence protection system improvement

Greece's creditors, and the European Central Bank (ECB) in particular, are determined to force Athens to improve the new framework for protecting primary residences from foreclosure so that its does not further exacerbate an already weak payment culture or reward tax dodgers, sources save indicated.

Just a week before next Monday's decisive Euro Working Group meeting, which will establish whether there is an agreement on the system to replace the existing law - named after the former minister who created it, Louka Katseli - the issue remains open and the ball is in the Greek court. However, the ECB in particular "is in no mood for concessions and wants a proper deal to be reached," European sources say.

The way the government is attempting to resolve this issue is not the only thing causing frustration among creditors, as evident from the recent reports by the...