As’superflux“For the middle class, the social cohesion and the economy, the Minister of National Economy Kyriakos Pierrakakis described the out -of -court mechanism, which was submitted to Parliament today.

Mr Pierrakakis, referring to international economic developments and major tectonic changes in international trade due to Trump duties, said that our country has focused on the part of the impact on the Greek economy.

“If you look at the first line of consequences, if we assume that the treaty remains static, if we take the photo of the treaty – which will not apply – one can conclude that this effect is limited. Why is it limited? Because Greek exports to America are less than 5% of Greek exports, they are 2.4 billion euros. They relate to olive oil, olives, agricultural products, more generally, aluminum, cement, petroleum, 1% of GDP, “he said, adding:” What worries us is the secondary effects that can result from such a change in world economy and world economy“

The secondary effects:

  1. The 1st level concerns international uncertainty. Before we even go to duties, the uncertainty in the international economy affects investment and possibly shifts an investment decision from today to tomorrow when we have greater stability in the international economic environment.
  2. The 2nd level has to do with the possibility of a recession, both in the United States and in European markets, such as the German, which will obviously affect us.
  3. And the 3rd level has to do with the European response or even the total of the rounds in this debate – negotiation in relation to tariffs, that is, the European response to it, as European duties, de facto affects us. There was a first package of such duties, announced yesterday, we are talking about € 22 billion as a total volume of US transactions in Europe out of a total of 334. That is, about 6.5%of total imports of US products. It is a weighted and limited reaction that had largely been discounted.

Out -of -court mechanism

The bill, which the minister said was prepared by his predecessor, Kostis Hatzidakis, also includes some “touches”.

The first concerns the arrangement for the eye and the pen. That is to say, the State is resigning from the remedies.

The second is the suspension of criminal prosecutions for citizens with regulated debts.

And, the third is the second opportunity to settle debt to the State and to insurance bodies for legal entities. They will have a two -month period after today – since this provision has been voted on – those who had failed to be included in the previous out -of -court included, have failed to adhere to their doses, we give them a second chance to do so.

It is also foreseen that:

  1. The income criteria are almost doubled, the prerequisite for doubling the boundaries is that the debtor already has a limit of non -performing bank debts of 300,000 euros.
  2. We institute the creditor’s obligation to submit a written proposal to the debtor three months before the auction.
  3. If the debtor’s property is not sufficient to open the bankruptcy procedure, it is registered in the solvency register. In this context, the judge is now expanding to issue a judge for these debtors who find the exemption.
  4. Vulnerable borrowers are facilitated to save their home even 20 days before it divested, through integration into the intermediate program. To date, to join the debtor in the interim program, he had to apply within 60 days before the seizure, resulting in many losing the deadlines. This is now changing, since the vulnerable debtor will be able to apply at least 20 days before the auction.
  5. The extension also applies if the debtor chooses to settle his debts through the consolidation process, that is, the ability to regulate loan guarantees by the Greek State, with the possibilities of write -offs and the expansion of repayment time, with the aim of assisting businesses that are usually over -owned by Greek debts.
  6. A permanent mechanism of damages of the “ASPIS PRODUCT” is created.

Concluding, the Minister noted: “I also mention codified that the bill includes many provisions in great wealth, are provisions that have a complexity, which relate to the enhancement of the capital market. Tax and other incentives to enhance the substantive operation, and credibility of the stock market, encourage demand and importing companies into it. Institutional shielding of the supervisory mechanisms, namely the Capital Market Commission and the Bank of Greece.

Creating Integrated Institutional Framework for Cryptos and Investor Protection Measures

Integration of Union Directives and establish measures to implement regulations related to the capital market and the financial sector to comply with Union law.

And includes a number of other measures such as mystery shopping, which are very interesting in relation to how we really increase transparency in the market and reduce its bureaucracy. “