With many Greeks unable to pay their debts because of an avalanche of pay cuts, tax hikes and slashed pensions, the number of loans in default has hit nearly 25 percent but banks continue to press consumers to pay back all they owe, and often go to court to force repayment.
But the Country Court of the Municipality of Sikionia in Kiato, Greece, has decided to reduce by 90% various debts of a 45-year-old unemployed mother who said she could no longer pay her loans and credit cards.
The court reduced her debt from 24,000 euros ($31,652) to 2,400 euros ($3,165) and ordered her to pay 50 euros ($65.93) per month for four years until the debts are paid. The consumer advocacy agent EKPOIZO has advised others in the same dilemma to prepare cases if they can’t afford to pay their debts.
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