Debts cancellation and freezing of loans from Piraeus Bank in a bid to address the humanitarian crisis

Debts cancellation and freezing of loans from Piraeus Bank in a bid to address the humanitarian crisis

Athens, April 24, 2015/ Independent Balkan News Agency

By Spiros Sideris

Breath to tens of thousands of households facing financial problems due to the crisis gives Piraeus Bank by deleting their debts in consumer loans and credit cards, while at the same time “freezing” their mortgages and erase their interest.

Specifically, as indicated in the relevant notice of the bank, the beneficial provisions relate to all clients who meet the income and assets for their inclusion in the law to address the humanitarian crisis (N. 4320/2015). In this case, the bank removes 100% of the total debts of up to 20,000 euros for all consumer loans and credit cards, while freezes mortgages and deletes the interest for as long as the beneficiaries under the provisions of Law 4320/2015.

According to bank officials, the amount of relief is estimated at several tens of millions of euros, involves several thousand loan holders and paves the way for similar moves by other greek banks. Indeed, they add that this is the first case of mass remission under the weight of the humanitarian crisis in the country.

According to the bank, this intervention to address the humanitarian crisis, reflects the general mobilisation of the Bank to meet the needs of the economy and Greek society in the changing conditions of the crisis, signaling the efforts of everyone for a new beginning.