The triptych “Economic Development – Social Justice – Solidarity for every family is a guide of our decisions, strategy and planning,” Kyriakos Pierrakakis stressed, giving the government’s policy to the economy under his leadership. In his first speech as Minister of Economics and Finance to the Committee on Economic Affairs, which is elaborating on the bill “Strengthening the Capital Market and Other Provisions”, Mr Pierrakakis emphasized that economic policy must formulate the conditions for enhancing growth and at the same time to promote social and social cohesion, Fair dividend from this development.

“The mandate of the citizens, which we have come as a government to implement, is to put the country in motion, “he stressed, stressing that” this is exactly what we will do time-day, day, week-week, month-month and one pending after another will be solved by the other, even higher“

For red loans

Referring to the provisions of the “red” loan bill, the minister said they were aiming to reduce non -performing loans, while also strengthening the banking system. “These arrangements,” Mr Pierrakakis said, “they can get out of the ‘red’ a series of borrowers” and “there is a category of our fellow citizens who are experiencing financial exclusion due to the inability to regulate their loans.” He explained that trapped borrowers are taking a second opportunity to constructively regulate their financial affairs, rescue their possessions, start a new cycle of economic activity with a positive result for their own personal and family future. It is essentially, “an initiative of integration, again in the economy, of a large part of our fellow citizens, who today are excluded to some extent,” he said.

In particular, to increase the perimeter of the out -of -court mechanism, he pointed out that:

  • Income limits double and reach 300,000 euros
  • The creditor’s obligation to submit a written setting proposal to the debtor is instituted, three months before the auction
  • If the debtor’s property is not sufficient to open the bankruptcy process, then it is enrolled in the solvency register
  • Vulnerable borrowers are facilitated to save their residence, even 20 days before it is divested, applying for an integration into the out -of -court program.
  • It is possible to regulate loans that guaranteed the Greek State, and to businesses that will choose the procedure of resolution as a means of regulating their debts, and
  • A permanent compensation mechanism is created for its injured “Aspis Providence”.

The Minister of Economy and Finance also observed that “the resolution of the economy, after a historical financial crisis, is not an easy task, rather than requires time, patience, hard work and political boldness” to add that without proper settlement of non -performing loans, one could not grow. He pointed out that the ND government, from 2019 to 2024, managed through the Hercules program to significantly reduce the percentage of “red” loans to banks, from 40.6% in 2019 to 4.6% in the third quarter of 2024 – that is, lower than even pre -crisis.

He also informed that non -performing loans as a whole in the third quarter of 2024, were 30% of total loans, compared to 52% in 2019. They currently amount to 67.08 billion, with a third quarter of 2024, from 92.19 billion in 2019.

Mr Pierrakakis, referring to private debt in Greece, said he was in the 16th place on the list of EU Member States with 90.3% of GDP, that is, well below the European average (which is 125.3%).

Concerning the course of the out -of -court mechanism, he informed that to date, cumulative debts have been settled totaling 10.45 billion euros, most of which in 2023 and 2024.

In order to set off the personal dispute, the minister said that the provisions of the bill regulate the issue of offsetting the personal dispute for about 40,000 civil servants, so that in the future they can receive the increases in the future.

Referring to the basic capital of the bill on the strengthening of the capital market, Mr Pierrakakis stressed that “the Greek Stock Exchange is heading for integration into the world’s major capital markets”.

Improvements to enhance the capital market are based on four pillars:

  • Tax and other incentives are provided to enhance the substantive operation and reliability of the stock market, encourage the demand and importing companies into it.
  • The institutional shield of the supervisory mechanisms, that is, the Capital Market Commission and the Bank of Greece, is increasing.
  • A comprehensive institutional framework for cryptocurrencies is created, with investor protection measures.
  • Union instructions are incorporated and measures are established to implement regulations related to the capital market and the financial sector.
  • It improves the framework, which governs bond loans, with the introduction of a special provision for confessed confessions, or in a multilateral trading organization in listed confessions.
  • It is facilitated by decisions to amend the terms of the bond loan for listed bonds, but with respect to the minority.
  • There is a greater freedom of movement of public limited companies in real estate with the abolition of excessive time for the current age and often bureaucratic regulations, with the aim of increasing investment.
  • Survivors and supervisory control mechanisms are established by the Capital Market Commission and the Bank of Greece, to ensure, inter alia, to ensure that revenue from European Green Bonds will actually be available in sustainable development actions and consequently prevent the so -called “greenwashing”.

Finally, in the context of the strengthening of supervisory mechanisms, specially trained executives of the Hellenic Bank and Bank of Greece, they will play customers, will control the behavior of companies providing investment services, banks and insurance companies on the spot in respecting the legislation.

‘There is the apology of pending’

Finally, Mr Pierrakakis made a special mention in the provision of the bill on the resignation of the State from remedies for compensation in Mati and Mandra Attica, which – as he said – is a minimal obligation to all the families who were affected by all.

“This government has apologized in many cases because it is the most sincere that one can do under a truth agreement when something is wrong or is arrhythmia. In other cases, I have used the House here for things that have been delayed, the apology of pending. And this concerns the whole political system it has ruled. It concerns all those arrangements, which should have come earlier, but they will come one after another, because we are not going to stop both social law and reformist rights.“He said.

The provision predicts that: ‘According to the final decisions of primary administrative courts, which at the expense of the Greek State in accordance with the provisions on civil liability are awarded:

(a) Mental disturbance due to mental distress in favor of a family of person who died or due to moral injury due to face injury and

(b) hospitalization, funeral expenses or provision under Article 931 of the Civil Code either during the flood of 15/11/2017 in the wider area of ​​Mandra Attica, or during the fire that broke out on July 23, 2018 in East Attica and there is no Greek State or there.

In the event of a dialogue with the same decision and compensation against the Greek State, the non -appeal or resignation on the part of the Greek State is limited to the chapter of the decision concerning the award of financial satisfaction and compensation of the first subparagraph, applied by the relevant provisions of the Agency. This shall also occupy the decision until the entry into force of this Court of First Instance, if until the entry into force of the present or afterwards, a financial satisfaction or compensation shall be proceeded against the Greek State in accordance with the first subparagraph of paragraph 1, by decision of the Secondary Administrative Court of Appeal. Or resignation of a public remedy is also valid for this decision under the terms and conditions of paragraph 1“