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Greek Parliament adopt primary residence protection with enhanced majority

With an enhanced majority the Greek Parliament adopted the amendment for the protection of debtors’ primary residence on Friday. Article 68 of the amendment received 194 votes in a parliament of 300, as main opposition party New Democracy voted in favor.

The roll-call vote took place among 231 lawmakers who were present.

33 MPs voted against and four MPs were present but abstained.

On articles 69-84 concerning individual arrangements for the protection of primary residences, 192 MPs voted YES, 33 NO and six abstained.

The new arrangement was backed by MPs from SYRIZA, New Democracy and the Centrists Union, while the Democratic Coalition and Golden Dawn voted against. Communist party KKE abstained.

The vote took place before Greece and creditors officially reached an agreement on the issue. The government stepped back with regards the protection of primary residence when debtor has a corporate loan.

The number of corporate loans is now significantly decreased as the amount of loan to be paid back has been lowered to 100,000 euros from originally 130,000 euros.

For a corporate loan to be under the primary residence protection scheme,

  • the loan has to be below 100,000 euros
  • the objective value of the residence below 175,000 euros
  • the value of estate and vehicles of the debtor and his family members to total no more than 80,000 euros
  • banks deposits of debtor and family members to be no more than 15,000 euros.

It is understood that the government stepped back from its original proposal for corporate loans in order to avoid a crisis with its European lenders.

Theoretically, the country’s creditors would agree to disburse the one billion euros to Greece at the next Eurogroup on April 5.



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