PM Tsipras, Bankers Agree on Extension of Main Residence Protection from Foreclosures

PM Tsipras, Bankers Agree on Extension of Main Residence Protection from Foreclosures

Banks and the government are committed to working together more intensely to reduce banks' exposure to non-performing loans (NPLs) while protecting taxpayers' main residences, Prime Minister Alexis Tsipras said in a statement following his meeting with Greek bankers on Friday. Following the meeting with Hellenic Bank Association (HBA) Chairman Nikos Karamouzis and others, the premier's office said in a statement that at the meeting "both sides confirmed their commitment to intensify their collaboration in order to accelerate the reduction of NPLs, fund the economy and protect main residences" from foreclosure due to outstanding debts. According to the statement from his office, PM Tsipras said government plans include the setup of a joint work group to update bankruptcy laws and to create a new framework for main residence protection. This will take into account the government's earlier decision to subsidise selected borrowers, as well as issues related to bank capital and other supervisory questions, the statement noted.

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