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GreekReporter.comGreek NewsEconomyNew Law Passed Concerning Over Indebted Households

New Law Passed Concerning Over Indebted Households

The government is offering tangible support to Greek households government spokesman George Petalotis stressed on Wednesday, referring to a law allowing over extended Greek households to reschedule their debts with credit institutions.
Under the law passed by Parliament on Tuesday, loan recipients who are unable to make payments can apply for an out of court compromise with their creditors as of Sept. 1, 2010, while the relevant court procedure will be activated in the beginning of 2011 when courts will undertake to rule on debt settlements.
Economy, Competitiveness and Shipping Minister Louka Katseli presented details of the new legislation in a press conference on Wednesday.
Roughly 150,000 loan recipients are expected to make use of the legislation for over-indebted consumers passed in parliament on Tuesday.
(source: ana-mpa)

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