An increasing number of Greek citizens are seeking protection for the primary residence using a framework of existing programs such as a new out-of-court mechanism, Finance Minister Christos Staikouras said in a report tabled to Parliament, ANA reports.
In the report, FinMin said that 993 applications have been approved by bankruptcy courts, with an accumulated debt of 689,180,544 euros. These applications have been made by homeowners seeking protection through a sale and lease-back scheme. A total of 67,000 homeowners have visited the out-of-court e-platform, with 47,500 submitting the necessary paperwork covering a debt of 26.6 billion euros. Already, 12,900 debtors with a total debt of 6.2 billion have submitted their application for debt settlement, with the number of debt settlements more than doubling in the last three months. Staikouras said that the approval rate was below 24% in July 2022, rising to 63% in the fourth quarter of 2022 and to 70% in January 2023. and noted that “the out-of-court mechanism has the dynamism to evolve into a tool, capable of significantly contributing in dealing with the problem of private debt”.
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