Greek Battle Royale Over Foreclosures



foreclosed-home.gi.topWith Greek Prime Minister Antonis Samaras trying to convince his Deputy Premier Evangelos Venizelos to go ahead with ending a moratorium on foreclosures that is being demanded by the country’s international lenders, Finance Minister Yannis Stournaras said banks should be allowed to begin confiscating homes next year if no deal is reached.

The Troika of the European Union-International Monetary Fund-European Central Bank (EU-IMF-ECB) wants Greece to allow banks to go after homes valued under 200,000 euros ($272,700) that are now being protected under a ban approved by a previous PASOK Socialist government which Venizelos served as finance minister.

Venizelos, whose party was brought into a coalition with Samaras’ New Democracy Conservatives so they would have a majority in the Parliament, is said to be reluctant to allow the foreclosures after he earlier supported them before previously opposing them.

Stournaras, who has championed increasingly tough austerity measures and more taxes, reportedly said the government must draft legislation to allow foreclosures even if the government can’t agree with the Troika on whether to lift the ban against seizing primary residences.

A number of lawmakers from New Democracy have said they won’t go along with allowing foreclosures on the homes of people who can’t afford to pay their mortgages because of big pay cuts, tax hikes and slashed pensions implemented by the government, jeopardizing the coalition.


12 COMMENTS

  1. Greece have no choice but end the moratorium with or without the Troika pressure to do so.The Greek banks are drowning in bad loans and also they are severely under capitalized with the Greek government drawing liquidity to pay day to day bills.With not enough money coming from the expected much smaller third bailout package,the time has come when the Greek government will start confiscating its own population assets to pay its bills.

  2. So let me get this right, If I have a mortgage on my house for $200,000.00 and my house is worth $250,000.00 and I don’t pay my mortgage. The bank can not take my house. So the Greek banks just gave me $200,000.00 for free. Only in Greece. Maybe that’s why the Greek Banking system is bleeding.

  3. EVERYONE in Greece is a thief but they call it “socialism”.

    Think about this, if the government can steal billions, why can’t the ordinary person steal a few hundred thousand?

  4. Everyone steals in Greece,from top to bottom,the government officials in the millions and billions,the ordinary population in tens to hundred of thousands .Stealing other’s people money is their national sport and deeply engrained culture.The Greeks are unsurpassed crooks,they will never change their ways as long as they are being given “loans”-on which they later “Default.” Called Theft.The problem is,it is our money they steal.

  5. I don’t think the banks want to foreclose. They just want the threat of foreclosure to weed out the free-loaders.

  6. ‘Venizelos is said to be reluctant to allow the foreclosures after he earlier supported them before previously opposing them “. Hmmm, seems this Guy just cant make up his mind. But we all know he will end up supporting it so he keeps his job & fat pay cheque.

  7. This can only be done in a two pronged effort. The economy must first demonstrate significant signs of recovery to the average citizen before foreclosures are implemented. Failure to do so will only increase homelessness, poverty, disputes and flood an already depressed real estate market. The secondary issue will be the deteriorated appearance of neighborhoods with shuttered unmaintained buildings further depressing property values and more importantly the self-esteem of the community.

  8. You really should get a life instead of trolling here all day long … you are pathetic.

  9. No Bitch not everyone in Greece is a thief! I pay all my taxes along with many other people. Don’t define us by the media or are you too weak to think for yourself. That goes for you too tedi

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.