Greece to Ensure Protection for Primary Residence of Very Vulnerable Households

ATHENS – The Greek government will ensure that very vulnerable households will not lose their primary residence, Fotis Kourmousis, special secretary of Public Debt Management said on Wednesday.

Speaking during a teleconference on "Non-performing loans: The new reality", Kourmousis said the government is preparing a package of measures which would have been implemented already if it were not for the coronavirus pandemic. He noted that a new bankruptcy law will be ready in the summer and will ensure that very vulnerable households will not lose their primary residence. He added that the law will envisage a rent subsidy.

Theodoros Kalantonis, executive chairman of FPS, addressing the teleconference, said he expected an increase in non-perfoming loans (NPLs) by 10-15 pct to around 77-80 billion euros, from 70 billion currently, due to the impact of the pandemic. He added that a new bankruptcy code should be a tool for the restructuring of the market and not an object for exploitation. Kalantonis said house auctions was an absolutely necessary tool and said that he did not expect the solution of a bad bank in Greece, unless it was in the framework of a pan-European initiative.

George Georgakopoulos, CEO in Intrum Hellas, said that the day after the pandemic crisis made it imperative to deal with new wave of NPLs cautiously. Panos Palaeologos, founder and chairman of HotelBrain, said that moving capital loss because of the crisis would be replenished in one year and expressed his confidence that tourism will become the engine to lead the economy out of the crisis.

Yiannis Hatzitheodosiou, president of the Athens Chamber of Tradesmen, said that a 30 pct of restaurant businesses in Greece will not open this year.


ANKARA, Turkey — Turkey's central bank kept a key interest rate unchanged on Thursday, halting a string of rate cuts that triggered a currency crisis and sent consumer prices skyrocketing.

Top Stories


NEW YORK - Some 21 years after it was destroyed in the September 11, 2001 terrorist attacks in the United States that brought down the Twin Towers in New York City, the new St Nicholas Greek Orthodox Church rising in its place is among the most eagerly awaited architectural openings of 2022.


STATEN ISLAND, NY – For yet another year, the community of Holy Trinity-St Nicholas in Staten Island honored couples celebrating 50+ years of marriage with a modest ceremony held at the church immediately following the Divine Liturgy on January 16.


NEW YORK – New research into Greek artifacts looted by the Nazis was highlighted in the New York Times on January 18 as “the topic of the Nazi role in antiquities looting is increasingly drawing attention, in part through the work of scholars who are peeling back the mysteries of what happened to the objects that were excavated or seized eight decades ago.


SNF’s Health Initiative Will Support Child and Adolescent Mental Health

ATHENS - When we think about childhood injuries, we usually think of scratches, a few stitches, maybe even a broken bone.

Enter your email address to subscribe

Provide your email address to subscribe. For e.g. abc@xyz.com

You may unsubscribe at any time using the link in our newsletter.