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Greek gov't, banks reach agreement on protection of first residence from foreclosure

Greek gov't, banks reach agreement on protection of first residence from foreclosure

The Greek government and Greek systemic banks on Wednesday reached an agreement over the framework of a new settlement on the protection of primary residence from creditors, sources close to State Minister Alekos Flabouraris told reporters.

The agreement was reached during a meeting between Flabouraris, State Deputy Minister Dimitris Liakos, Economy & Development and Justice ministries officials and representatives of Hellenic Bank Association.

The same sources said that the agreement will replace as of March 1, 2019, article 9 of the law 3869/10, while they added that the government will take all necessary actions soon to bring a new framework in the Parliament for ratification, to be followed by a process for a total revision of settlement frameworks for private debt.

The European Commission, in its second post-assessment of the Greek economy, expressed reservations –among others- on a government plan to protect first residence from creditors.

Source: ana-mpa

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