Draft bill ratifies act of law extending ban on foreclosure auctions

A draft bill ratifying an act of legislation that suspended auctions by credit institutions and other creditors to recover debts of up to 200,000 euros was tabled in the Greek Parliament on Thursday.

The act of legislation extended a ban that was due to expire at the end of 2010 for six months, until June 30, 2011. The auction ban was extended so that borrowers unable to service their loans due to the economic crisis would have an opportunity to seek the best possible settlement for their outstanding debts.

The legislation gives over-indebted households the opportunity to take advantage of laws allowing them to reach an out-of-court settlement of their debts without pressing deadlines.

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