“Red loans” to be sold in 90 days!

Proto Thema – The strategy of the Radical Left Coalition (SYRIZA) government in its handling of non-performing loans (NPL), known as “red loans”, will pan out in two stages. The first stage will be outlined in the bill that is to be voted on during Tuesday’s plenary at Greek Parliament to release a 1-bln-euro installment benchmarked for Greece on Friday. The legislation postpones primary home foreclosures of those who have mortgages for two months, however the fate of these people hangs in the air until negotiations in January and the first review of Greece by the four institutions from the European Commission, European Central Bank, International Monetary Fund and European Stability Mechanism.

Over the coming days, new tax legislation will be implemented, according to a leak from the Ministry of Finance. The legislation will oblige greater use of credit cards (20% from current 10% levels) from January 1, 2016. A ministerial decree will also result in the separation of the Independent Power Transmission Operator ADMIE from the Public Power Corporation.

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