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Addressing Over-Indebtedness in Greece: Strategies for Citizens and Consumers

This document, authored by Victor Tsiafoutis of the Consumers Association EKPIZO, discusses the pressing issue of over-indebted households in Greece between 2007 and 2012. It details overdue loans, the campaign against auctions, and various supportive measures advocated by consumer associations and municipalities. Proposed solutions include adjusting secured loan values, limiting repayment periods for consumer loans, reducing interest rates, and establishing a support network for indebted consumers. The call for a three-year suspension of auctions is also emphasized to allow for the implementation of these measures.

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Addressing Over-Indebtedness in Greece: Strategies for Citizens and Consumers

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  1. OVER-INDEBTED HOUSEHOLDS THE GREEK CASE AND WHAT CITIZENS CAN DO VICTOR TSIAFOUTIS, LEGAL ADVISOR OF CONSUMERS ASSOCIATION EKPIZO

  2. Table Ι: Overall loans (in million euro) 2007-2012

  3. Table ΙΙΙ: Loans overdue (in million euro), 2007-2012

  4. CAMPAIGN AGAINST AUCTIONS • Signatures: (15/01/2014):140.470(Avaaz – 125.470,Sms– 1.763, manuscript– 13.237) • 58.000 brochures printed – 56.500 distributed in 18 cities • The campaign was supported by 48 greek and european consumers associations, 10 professional bodies, 9 municipalities, 5 social bodies and 3 scientific associations.

  5. WHAT NEEDS TO BE DONE • Adjustment of secured loans to the value of the property. • Limitation of the repayment of consumer loans of the previous decade to a period of four years and discharge from the remaining amount. • Interest rates decrease. • The formation of a network, which will support over indebted consumers in the tackling of their debt problems, providing also family budget counseling. • Το establish a three year suspension of auctions in order for measures to work.

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