Civil law common law)

Foreclosures on Greek properties will soon be carried out henceforth only electronically, according to a government plan aimed at curbing a spate of protests at courthouses that has led to the cancellation of numerous auctions.

Electronic auctions began in Greece last week after months of discussions and delays. It was a minor first foray into this form of foreclosure in terms of volume (only two properties went under the hammer) but a much more significant moment as far as substance is concerned.

Government officials will go into talks with the institutions on Saturday hoping they will culminate in a staff-level agreement (SLA). Some common ground was achieved on Friday but the Greek side had to make several concessions.

The association of Athens and Piraeus notaries did not bow to pressure from protesters outside the offices where it convened on Monday and decided to suspend its abstention from foreclosures, thereby opening the way for the launch of the online auction process on Wednesday as planned.

The constant postponement of home foreclosures due to strong opposition and reactions from various quarters constitutes a systemic threat to the country's banks.

European officials have given the government an ultimatum to proceed with electronic foreclosures on homes later in the month or else the country's third bailout review will not be concluded.

The government is seeking to break the impasse created by Greek notaries who on Monday announced a boycott on property foreclosures, citing fears for their safety amid violent protests. 

The outlook for property foreclosures in Greece is unclear after notaries announced a boycott on auctions until the end of the year, citing abuse by protesters, though foreign creditors expect the first online auctions to take place this month. 

The union representing notaries in Athens, Piraeus, the Aegean and Dodecanese islands on Friday protested against a recent spate of initiatives by activists opposing foreclosures on homes, noting that the auctions in question related to people owing millions of euros.

Notaries who had been walking off the job every Wednesday when foreclosure auctions are usually held because of protest action that had been targeting them on Friday decided to call off their protracted action.