First 2 favorable loan adjustments reported by new e-platform aimed to reduce 'bad debt' in Greece

Friday, 23 Aug 2019 22:45 UPD: 22:47
Eurokinissi / ΠΑΝΑΓΟΠΟΥΛΟΣ ΓΙΑΝΝΗΣ

The first two favorable mortgage loan adjustments via a newly established state e-platform were reported on Friday, according to a press release by the finance ministry.

The platform, operated by the Special Secretariat for Private Debt Management, is an initiative created by the previous SYRIZA government aimed at reducing the massive amount of NPLs - including mortgages and loans with property as guarantees - burdening Greek banks' balance sheets.

The first loan adjustment was achieved for an indebted household, and includes a repayment period of 24 years, with an interest rate of 2 percent, along with an all-important 40-percent subsidy of the monthly payment by the state.

The second instance also involves an indebted household, with terms being a repayment period of 25 years, with an interest rate of 2 percent, along with a 50-percent subsidy of the monthly payment by the state.

The specific relief framework is open for eligible citizens burdened by mortgage, consumer or business loans that they cannot property service.

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