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Sunday, 25 October 2015

Greece: Mortgages and Foreclosures

From Cyprus Mail  - Renee Maltezou and Jean-Baptiste Vey

"Greek Prime Minister Alexis Tsipras on Friday said his country would fully meet its obligations under a multi-billion euro bailout but would not tolerate mass foreclosures on problem mortgage loans for thousands of indebted people.
Setting a red line in talks with the country’s lenders now in Athens for consultations, Tsipras said turning the country into an “arena of confiscations” of homes was out of the question".

"The issue of foreclosures is thought to have topped the agenda during
Moscovici’s talks with Prime Minister Alexis Tsipras ahead of his meeting with Tsakalotos. According to sources close to the Greek leader, he stressed the need to ensure that the country’s social cohesion would not be disrupted by relaxing the rules on home repossessions. Currently, primary residences with a taxable value of 300,000 euros are protected from bank repossession but the institutions want this to drop to a market value of 120,000 euros and only for owners living below the poverty threshold to be protected from losing their homes".

Gov’t to seek political solution to dispute over mortgage-holders at Eurogroup

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