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“Protecting debtors’ first residence harms the economy,” says Greek Dev Minister

“Protection of the first residence harms the economy,” Development Minister and New Democracy Vice, Adonis Georgiadis, cynically stated over the weekend triggering strong reactions from the opposition.

Addressing a meeting at the Greek Chamber of Commerce, Georgiadis argued that “there is no absolute protection of first residence in any advanced economy” adding that “there should not be one, neither.”

The government has pledged to end the protection of the first residence as of  April 30, when the deadline for submission of debt settlement expires.

In recent negotiations between Greeks and the lenders’ institutions, the latter reportedly made clear that the “social policy of protecting the debtor’s first residence can not continue.”

With the end of the protection, a evictions and auctions tsunami is expected as of upcoming May.

Former SYRIZA Minister, Nikos Pappas described Georgiadis’ statement as “disgusting, inhumane and wrong.”

The Department of Economy of SYRIZA commented that PM “Kyriakos Mitsotakis bears full responsibility for Georgiadis’ sordidness at the expense of those unable to fulfill their obligations.”

KINAL/PASOK criticized Georgiadis with a sharp comment saying  that he sides with “the demands of the funds for massive auctions of the debtors’ homes” and that “the banks take their homes without exception.”

What Georgiadis will do next is ” to personally supervise and guarantee the execution of funds orders,” KINAL adds sarcastically.

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One comment

  1. On the article of prime residence protectiion; this is just another example of the conservative lunge to ensure the rich get richer and the poor get poorer. Where do these people go when their homes are conviscated because a corrupted judicial system has decided in favor the the plaintiff not the debtor. Simple. The weathy get the land grab and charge extortonaist rental. How many people will be street people? Think it through. There a has got to be some solution. Oh, by the way when is there going to be an EU inquiry into the perceived corruption of the lower courts in Greece.