Creditors are urging auctions

Greece's creditors insist that online auctions of properties that are not the main residence of debtors need to resume as soon as the lockdown ends.

The view expressed during talks on Tuesday with the government echoed the opinions voiced by the banks and the companies managing bad loans for the funds that have acquired them. Their view is that the horizontal freeze on auctions puts loan securitizations at risk while also raising the possibility of triggering state collateral consequences in the context of the Hercules asset protection scheme.

The government has decided on a horizontal suspension of auctions, regardless of whether the asset liquidations are the outcome of the new economic crisis. The measure is affecting the business plans of the servicers who have undertaken the Hercules-related loans.

Banks and servicers have requested a resumption of...