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Economy

Greek FinMin Unveils “Bridge Program” for the Support of Mortgage Loan Borrowers

ATHENS — Greek Finance Minister Christos Staikouras on Friday unveiled a new "Bridge Program" for the support of mortgage loan borrowers that will cover not only non-performing loans, but also borrowers that are not in arrears but have been impacted by the coronavirus crisis.

Speaking in Parliament, Staikouras rejected opposition criticism that government measures are inadequate and inefficient and said that the ministry has taken 59 specific measures so far. "For the first time ever, the state is supporting not only non-performing [loans] but borrowers [that are not in arrears] as well, all those impacted by the coronavirus crisis, and we estimate that the budget cost will be around 300 million euros," he said, adding that all eligible borrowers will be able to apply for the new program from early August until September 30. The program covers all individuals, including workers in the private sector hit by the crisis, the unemployed receiving extra financial support, the self-employed, individuals with a reduction of their monthly wages, or property owners receiving reduced rents, etc.

The subsidy for monthly loan tranches will cover 90 pct in the first three months, 80 pct in the second quarter and 70 pct in the third quarter and have a ceiling of 600 euros for loans that are not in arrears. For non-performing loans, the subsidy will cover 80 pct in the first quarter, 70 pct in the second and 60 pct in the third quarter, with a ceiling of 500 euros.

 

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