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Greek Banks Speed Up Actions Against Strategic Bad Debtors

Greek banks plan to add strategic bad debtors to an e-auction platform, which is due to begin operating by the end of November, bank sources said on Monday. Such payers have significant incomes and property assets and are capable of repaying their debt but refuse to do so, they said.
The same sources and high-ranking bank executives pointed out that “banks have no reason to turn on weak borrowers, nor to go after low-value properties of great importance to citizens but of limited financial value to banks,” adding that banks have stood by conscientious borrowers during this period of crisis.
Bank executives stressed that borrowers who cooperate with banks have no reason to worry if they are facing problems, or even an inability to repay their loans. “There is not one cooperative borrower that did not meet with a positive response from banks,” they said, adding that strategic bad debtors act at the expense of not just banks but also those facing real problems.
The country’s four systemic banks will focus on borrowers who are defined as uncooperative or strategic bad debtors, speeding up actions to auction the real estate properties of this category of borrower.
These cases include borrowers who took out mortgage loans for 100 pct of the property’s value, without investing their own money, leased their homes, have bank deposits and other property assets and refuse to cooperate with banks to repay their loan.
(Source: AMNA)

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