The president of the European Central Bank, Mario Draghi, has called for full geographical coverage of foreclosures across Greece. In a letter to European Parliament Member Nikos Chountis, Draghi said that while Greek authorities have made “welcome” progress in recent weeks to speed up foreclosures and help banks reduce their huge pile of nonperforming loans, more needs to be done “to ensure full geographical coverage across Greece.”
“Despite the improvements in the Greek banking sector over the past year, Greek banks still have a very high stock of NPEs, which amounts to around 45 percent of their total exposures as of June 2017, one of the highest levels across all countries in the banking union,” Draghi wrote.
“An effective auction system is an important part of the work towards reducing NPEs,” the ECB chief said, adding: “As auctions have been subject to frequent disruptions and cancellations in recent years, the Greek authorities have taken steps to establish a new system of electronic auctions and ensure the unhindered conduct of both electronic auctions and traditional auctions in courts. The progress that has been made by the authorities in recent weeks is welcome. Further efforts are nevertheless needed to ensure full geographical coverage across Greece.”
Full Draghi’s letter dated Jan 23 2018 is here.
MEP Nikos Chountis – former SYRIZA – is member of left-wing Popular Unity party that vehemently opposes foreclosures.
Presumably he demands “full geographical coverage” so his buddies know which beachfront properties to snap up for peanuts.
of course. what should they do with a 70sqm in Peristeri?
Draghi is pushing for innocent Greek families to be made homeless as an essential part of the banks recovery.
What next? A country where homes stand empty while thousands sleep on the streets? Why is this never reported anywhere but in Greece?