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Two out of Three Citizens Struggle Economically

Indebted householdsTwo out of three citizens, who turned to the economic system for borrowing, in order to cover all types of needs (housing, consumer etc.) are now unemployed, showing a complete inability to meet obligations towards the banks.
According to data from the Consumer Secretariat of GSEE, presented by, 35.5% of the borrowers are now unemployed, 26.1% are private employees who are no longer able to repay and 16.67%  are pensioners.
Specifically, one out of two households that received a home loan is heavily in debt. Two and a half years ago, the heavily affected households were corresponding to 10%, while today, they have soared to 65%. As it is estimated, those who took a home loan from 2008 onwards cannot repay it, while in the case that the protective framework concerning the first residence will be removed, there’s a serious danger of foreclosures.
From 2011 onwards, the banks granted 250,000 loans to people with income of only 9,000 euros per year. Today 35.5% of these people are unemployed, 26.1% are private employees and 16.6% are pensioners, the majority suffering from wage cuts.
The executives of the Secretariat, stress that there’s an attempt to weaken the Katselis’ law for the indebted households (3869/2010) and that it is likely to be withdrawn. The extrajudicial compromising between the debtors and the banks is already abolished, while the freelancers, who employ personnel, are excluded from the favorable arrangement.
According to the union officials, only a few banks have entered the process of cutting the loans, and according to data are at the disposal of the financial institutions. The loans in permanent delay amount to 54 billion euros, while the loans in temporary repayment difficulty amount to at least to 35 billion euros.
The borrowers that are married are 66.7%, divorced, 17.9%, 13.4% and unmarried and widowed 2%. Furthermore, 25% are between 30 and 40 years old, 27% are between 40 and 50 and 29% are between 50-60 years old.

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