Tuesday, 14 March 2017
Greece: Belated action against uncooperative borrowers? Strategic defaulters
From eKathimerini - Banks poised to take action against thousands of ‘uncooperative’ borrowers
"Some 300,000 borrowers and loan guarantors face severe action from Greek banks after failing to respond to warnings of overdue debts under a Code of Ethics process launched in 2015. Greek banks have sent letters to around 1.2 million borrowers who have delayed paying back their loans, labeling 25 percent of them as “uncooperative” after they failed to reply to requests for a settlement. Many of these “uncooperative” borrowers are at risk of having their assets, including their primary residence, seized by their lender even if they had filed for protection from creditors under the so-called Katseli law".
More than 10,000 Homes Passed to the Greek State in 2016, Greek Reporter - "However, the Kathimerini report says, it is unknown what happens to these properties, as the government auction programs are very limited. For example, currently there is an auction program announced that refers to only 24 properties".
The phrase "strategic defaulter" seems to have been dropped. See posting, November 2016
Greece needs contributions by 10 workers to pay just one pension, KTG
Letter from Athens: Rocking the Cradle of Democracy, John Psaropoulos, The New Athenian