Economy · Greece

New Katseli Law Regulation Benefits Borrowers With Reduced Payments

6 sourcesFirst reported 28 days agoUpdated 28 days ago

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Greece's Ministry of Finance introduces a new regulation under the Katseli Law.
The amendment reduces interest calculations on loans, applying them only to monthly payments.
It offers retroactive benefits, easing debt for thousands of borrowers.
The measure aims to provide financial relief to distressed households.

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The Greek Ministry of National Economy and Finance has announced a legislative amendment to the Katseli Law designed to support distressed borrowers by significantly reducing their monthly loan repayments. The new provisions, which are being finalized and are set to be enacted, will introduce a change in how interest is calculated. According to reports, the revised framework will only apply interest to the monthly installment rather than the remaining principal balance, a measure that aims to alleviate financial burdens for thousands of households.

This legislative change is expected to retroactively benefit borrowers currently under the Katseli Law's protection, who may experience smaller monthly payments and a quicker repayment period. Officials suggest that the amendment will serve as a "breath of fresh air" for many struggling debtors and addresses concerns surrounding high interest rates that were previously applied. It is also noted that the new calculation method will provide clarity and uniformity in the treatment of loans under active restructuring agreements.

The law's proposal was introduced by Minister Kyriakos Pierrakakis and has drawn attention as it provides essential relief for those who have been under financial stress, potentially transforming the repayment landscape for numerous individuals facing economic hardship in Greece.

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New Katseli Law Regulation Benefits Borrowers With Reduced Payments

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