Greek Finance ministry dismiss as misleading reports alleging of an explosion in home foreclosures

Greek Finance ministry on Wednesday dismissed as misleading reports alleging of an explosion in home foreclosures in the country.

In an announcement, commenting on press reports, the Finance ministry said that reports over an explosion in home foreclosures were misleading and noted that according to figures presented by the Prime Minister in Parliament, home foreclosures surpassed 40,000 annually even before the crisis. In 2008, there were 43,000 foreclosures, in 2009 52,000, in 2010 48,000, in 2011 44,100 foreclosures, while since 2015 foreclosures stopped until the government drafted the necessary protective framework -a development which combined with a strike mobilization by lawyers led to an increase in foreclosure cases in the last quarter of 2016.

The ministry said that foreclosures due to commercial debt in the framework of a bankruptcy code were a common practice always and noted that the government has acted to protect first home owners and is currently promoting a new legislation aimed to offer out-of-court compromise mechanism to over-indebted enterprises.