“I ask the opposition whether this bill is a step forward or a step back. Because if it is a step forward you have to see why you are voting against it. There are also roll call votes, and there you will have to answer to yourself and your voters the question why your partisanship blinds you so much that you reject any positive provision for them.”

This is what he pointed out tonight in Parliament the Minister of National Economy and Finance Kostis Hatzidakis talking to meeting of the Economic Affairs Committee on the draft law “Loans: Transparency, competition, protection of the vulnerable – Incorporation of Directive (EU) 2021/2167, re-introduction of the “HERAKLES” program and other urgent provisions”.

The minister asked the opposition specific questions about all the basic provisions of the bill:

–For the expansion of the “Hercules” program, which contributed decisively to the reduction of non-performing loans in banks: “Is the opposition’s vision to return to the world record of bad loans? Shouldn’t we see the “queues” left at the banks when we have secured an agreement with the European Commission? And if “Hercules” is “exaggeration” as you say, what do you counter-propose? All of us and the European Commission together may be wrong. Let’s hear your suggestions!”

-For imposing a series of transparency obligations on servicers: Any way you measure it, this arrangement is better than the current regime. “I wonder if any of you will come out and say they prefer the current regime. If you are bothered, know that the servicers are much more bothered by the tight deadlines we set for them for the personalized and detailed information to the debtors, the high fines and even the closure for those who violate the law”.

-For her improvement of the extrajudicial mechanism:: Until today, the simple “no” of an employee could exclude the outcome of the out-of-court case. Is it progress or not that the out-of-court settlement will be compulsorily accepted by all creditors? SYRIZA says it is disturbed by the perimeter of vulnerable borrowers. I answer: the perimeter is the one you had defined. If you have issues with yourself and reject with Mr. Kasselakis the governance of Mr. Tsipras, that is your problem. If you don’t like that either, we’re here to hear a counter-proposal instead of aphorisms.”

–For the property acquisition and re-leasing agency“When it was enacted, it was heard that the crows would come to take the houses of the borrowers. No crows appeared because apparently the solution was not that attractive. We try to combine the expression of interest from private investors with the protection of borrowers and say that the investor can acquire the property at a discount of 30% but the borrower will also benefit from this discount when he repurchases the property. Do you prefer today’s setup? Prefer the borrower to purchase the property without discount? Have you not read the regulation enough and are blasting something that is obviously positive for borrowers?”

–For the Bankruptcy Code: We proceed to common sense interventions. Does that bother you too?

-For loans from non-bank institutions. “Do you want us to stay in the current regime? Shouldn’t we strengthen competition, as is done in Europe after licensing these institutions to give mortgage loans and specific categories of business loans?”

-For the expansion of direct payment systems without bank fees: “If this bothers you too, you need to examine your present, past and future. Because questions arise in relation to your analysis of things.”
“Each borrower and guarantor can benefit in many different ways from the provisions of the bill”, noted Mr. Hatzidakis and concluded:

“We provide European, fair and modern solutions protecting the truly vulnerable and strengthening competition for the granting of loans. There are no magic recipes. Solutions require seriousness and system. This is how we have been going for the last 4.5 years and with our own policy the economy has gone higher, the banking system has faced a number of problems, private debt has been reduced and the bill will address a number of problems in relation to bad loans and vulnerable borrowers. A basic good-faith attitude would force you to vote for it at least on principle. But your attitude is another subsidy to the New Democracy. Because the citizens see on the one hand the government that is going the way of Europe and on the other hand an opposition in political confusion that says no to everything”.