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Auctions for debts over €500 to the state to go exclusively online

All properties and assets auctions for outstanding debts to the state will go exclusively online as of 1. May 2018, Finance Minister Euclid Tsakalotos told the Parliament on Friday when he introduced a relevant amendment to the omnibus bill.

The amendment was tabled by the finance and the justice ministries and will apply also to movable assets like vehicles, machinery, valuable items etc.

It refers to debts to the tax offices and social security funds as well as to arrears to municipalities.

Deputy finance minister Katerina Papanatsiou said that a property which is the main residence of the debtor will not be auctioned by the state according to article 975 of the Civil Legislation Code for arrears to the state.

Many criticize the government for not having added a specific legislation for the protection of the first residence. The government has repeatedly said that properties worth below 300,000 euros will not be part of electronic auctions. However, without a specific legislation property owners feel insecure and unprotected.

According to media, the Finance Ministry says that the first properties to be auctioned will be debtors’ properties who owe to the state more than 50,000 euros. Apparently when the stock of such properties has run out, then the finance ministry interest will turn to small debtors who make 90% of the debtors to the state.

According to several legislations of last year, also debtors with debts of more than 500 euros could see their assets change hands in zero time with just a ‘click’ on the keyboard of a public officer.

The online auctions for debts to the state are implemented after pressure of Greece’s lenders.

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  1. I have commented here before that the real purpose of the crazy taxes imposed by the Troika and its puppet “Government” is not to collect revenue but to manufacture debts so that they seize assets. And here is the proof: for just 500 euros of “debt” a house even now worth 50000 can be seized and auctioned off to a happy vulcher fund. And the beauty is that the Troika State gives back no change!
    I love this Troika arithmetic…

  2. yes, you hit the nail on the head. Thats exactly what they are trying to do. the whole system in recent years is designed to put _everyone_ into debt, and then they will use the excuse of the debt to sieze assets.
    when will people resist this?

  3. You Greeks are being turned into Slaves.

  4. Sounds more like the UK .greek people should make a stand on this one joe