IN a move designed to help home owner through the current difficult times does not appear to really be enough, but at least it shows that authorities understand the dilemma that many are facing.
Greece will extend by another year the moratorium on home repossessions for
debts up to 200,000 euros, according to legislation submitted to Parliament on
Monday.
Until the end of 2013, banks will not be able to seize the homes of customers
if they are their main property - regardless of how much is owed - or if the
amount owed is less than 200,000 euros.
Non-performing loans at the end of September stood at 52 billion euros, which
was 22.5 percent of all loans – a rise of 7.5 percentage points from the end of
2011. More than 15 billion euros of these loans are mortgages.
The legislative act submitted by the government also foresees individuals and
businesses renting commercial properties being able to terminate their contract
by paying one month’s rent to the landlord.
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