Foreclosure

Amendments introducing the changes announced by the government regarding banks, the coverage of the cost of medicines for low-income pensioners, and a hazardous-profession benefit for armed and security forces personnel were tabled in Parliament on Wednesday, the National Economy and Finance Ministry announced.

Seventy billion red loans continue to be a serious obstacle to the country’s financial system.

With property sales prices up 60% in the past six years and rents skyrocketing, auctions seem to be the only way for a household to avoid the complications of the housing crisis.

“We are putting a shield of protection around borrowers against abusive practices,” says Skrekas – See in detail the fines imposed on the three major servicers

Finance Minister Kostis Hatzidakis has announced that enforcement actions on movable or immovable property for natural persons and businesses affected by the heavy rains, floods and landslides in September in the region of Thessaly in central Greece are suspended for six months.

As the year comes to a close, it seems likely that the freeze on foreclosures on primary homes in Cyprus valued at up to 350,000 euros will be extended.

The Cyprus Parliament voted against two non-government bills about borrowers' rights last Thursday, which disregarded warnings from the government and the Central Bank about potential threats to the stability of the financial sector.

A significant mobilization by the Cypriot government and the Central Bank of Cyprus this week regarding the framework of foreclosures bore fruit. It primarily aimed to withdraw the "problematic" proposal that, according to the state and banks, would have negative consequences for the Cypriot economy.

Cyprus is heading toward suspending first-residence property foreclosures up to 350,000 euros by end-October.

This intermediate solution is seen as a compromise, allowing either the government, the Central Bank of Cyprus, or both to come up with proposals that will effectively address the issue of nonperforming loans.

The yearly publication of the list containing the major debtors to the Greek state, which named those with debts exceeding 150,000 euros, was implemented as a measure to discourage tax evasion and delinquent payments.