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Samaras: primary residence of ‘socially weak’ will be shielded against foreclosure

Greek Prime Minister Antonis Samaras seems determined to protect the socially weak from losing their home due to foreclosure. After a meeting with his coalition partner and deputy PM Evangelos Venizelos (PASOK), the prime minister announced that

“The primary residence of the socially weak citizens and those proven that due to crisis they can not serve their loans will be absolutely protected. This is not being negotiated. End of story.”

Samaras added that “the government is studying a framework of arrangements to ensure the protection of the weak, that it will not allow abusive behavior and that it will protect the mortgage lending for the benefit of all Greeks.”

On his part Evangelos Venizelos said that the ban would be partially lifted with the onus being on homeowners who have the ability to pay their loan payments but are not doing so while low-income Greeks genuinely unable to pay would be protected.

“I have said repeatedly that the primary home of the poor and middle-level household, which is suffering due to the crisis, is and will remain absolutely protected,” Venizelos said. He referred to a small minority of “crafty individuals” hiding behind those who are genuinely in need, adding that the chief issue is not that of foreclosures but of restoring the ability of banks to offer mortgage credit. (ekathimerini)

Samaras and Venizelos were forced to exempt the social weak from the foreclosure after several lawmakers of the thin-majority coalition government expressed their strong opposition.

Of source, it has yet to be defined who is “socially weak” and what criteria will be applied for the exemptions of primary residence foreclosure.

from Twitter: “Exempted from foreclosure will be 134-cm-tall home owners of a brown vehicle, whose mother-in-law name is Efterpi”

PS I receive quite a few e-mails asking me about more details on the foreclosure issue. Unfortunately, I cannot write more these days as the upcoming law is still on the making. Be assured that KTG will post the details once the government makes them public.



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