Samaras Says No Foreclosures On Poor

Greek PM Antonis Samaras (L) with his Deputy Evangelos Venizelos
Greek Prime Minister Antonis Samaras (L) with his Deputy Prime Minister, PASOK Socialist chief Evangelos Venizelos

With a rebellion growing in their ranks over plans to let banks seize homes after a ban on foreclosures expires at the end of the year, Greek Prime Minister and New Democracy Conservative leader Antonis Samaras and his coalition partner, Deputy Prime Minister/Foreign Minister/PASOK Socialist leader Evangelos Venizelos said after meeting together that the poor and people who can prove they can’t pay in the wake of austerity measures will be exempted.

They didn’t say how it would be determined who could pay but isn’t from those who genuinely can’t and what kind or review system would be established or what the criteria would be.

Greece’s international lenders, the Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) and the banks are squeezing the government to let them confiscate homes even though they are getting 50 billion euros ($65 billion) in recapitalization funds and many aren’t allowing indebted homeowners to restructure their loans.

Ironically, New Democracy and PASOK owe the country’s banks 250 million euros ($333.16 million) in bad loans, aren’t paying and aren’t being pursued while they are in charge of injecting the banks who are their creditors with money to keep them solvent.

“The primary residences of socially weak citizens and whoever is demonstrably unable to meet loan payments due to the crisis will be absolutely protected. That is not subject to negotiation. Period,” Samaras said, hinting that some people are hiding behind the country’s economic crisis and can afford to pay but aren’t, although pay cuts, tax hikes, slashed pensions and a record unemployment rate of 27.4 percent have created a 42 percent default rate on loans across-the-board, including consumer loans and credit cards.

The premier added that the government was studying a framework of reforms that would protectthe vulnerable but would also prohibit abusive behavior and seek to protect mortgage credit.

He didn’t say why the government earlier had set aside a bill he promised to push that would allow indebted households to restructure their loans so they could afford to pay what they owe.

Leaving the Maximos Mansion, Venizelos was asked by reporters whether an agreement had been reached on the issue of foreclosures. “I think so, yes,” the deputy premier said.

The PASOK chief suggested that the ban would be partially lifted with the onus being on homeowners who have the ability to pay their loan payments but are not doing so while low-income Greeks genuinely unable to pay would be protected. He didn’t elaborate on how that would be determined or what the mechanism would be.

“I have said repeatedly that the primary home of the poor and middle-level household, which is suffering due to the crisis, is and will remain absolutely protected,” Venizelos said.

He referred to a small minority of “crafty individuals” hiding behind those who are genuinely in need, adding that the chief issue is not that of foreclosures but of restoring the ability of banks to offer mortgage credit. He didn’t explain how the banks would benefit sufficiently if only a small minority of mortgagees couldn’t pay.

Venizelos added that several other issues were discussed during the meeting, which was also attended by Finance Minister Yannis Stournaras and Development Minister Costis Hatzidakis.


  1. ·
    Yes sure we believe these two disgusting Criminals. Look how fat Venizelos is!!
    If Greece needs more cash then why isn’t the TROIKA & PRESS asking where 250 million Euros went that PASOK & ND Parties took out in “phony” bank loans from their Banker cronies, and never even paid a cent back after 10 years?

    Is that a show of their good Governance and Gov’t Management skills? Into
    whose greedy dirty pockets did the 100s of millions of Euros go into?

    Why isn’t the Greek Justice System & Press asking any questions? Because they are all in the same rotten bed together..!

    No worry, come Fall there will be a “million man” Greek march on Parliament who will RISE UP and throw these slimy, rotting Politicians out on their sorry asses!

  2. This 250 Mil. loans not being pursued because the banks are recapitalized by the same politicians is pure 100% ignoramus nonsense.

    The Greek banks have been completely destroyed by the amateurism of Greek politicians who in order to save their own skin have cannibalized their own economy showing to the world how much out of depth they are in economic matters.

    The 250 Mil. euro loans are not being pursued because the revenue received by these ghost political parties is not enough to pay their electric bill, let alone to pay off 250 Million of these freeloaders/morons/con-artists obligations.

  3. Why the 250 Million loans that Pasok and ND are not being paid??? Why we the poor unemployed without any means of support have to pay for these corrupt politicians and tax evaders??? Why these 2 corrupt parties are not being pursued to collect these large sums of debts??? Where is Justice??? This shows that corruption still exists and the government is not willing to take action against corruption…This is not fair…Unfortunately, the Press and the Justice department are corrupt and that is the answer I give to anyone asking about the 250 Million…Corruption still ongoing…

  4. Yes, I’d love seeing a million man GD march on Parliament, brings tears of joy just thinking about it!

  5. No matter how many times you or I write why, Andy deBlogger and another parrot in here will keep repeating it.

    Everybody forgot that two years ago, they cut a chunk out of government subsidies to political parties………AND SYRI’ZOA get that subsidy too,.

  6. The Syrizoa are richer by 12 Mil. euros/per year because of this. And of course they have the nerve to talk about loans that can’t be paid since Syrizoa are eating a good chunk of the money earmarked to pay such loans.

  7. What do they mean by ‘poor’? From where I stand that qualifies some 95% of the population thanks to those ruinous austerity policies.