Nikos Androulakis, leader of Greece’s main opposition party, PASOK–Movement for Change, answered seven questions about his party’s proposal on private debt in a video posted on social media.
Among other points, Androulakis said PASOK would restore real protection for borrowers’ primary residences. He also announced that investment funds that buy up bad loans and fail to follow the rules would face serious penalties.
In the video, Androulakis said his party is setting rules and offering real solutions for a country that respects people’s dignity rather than tolerating the funds’ lack of accountability. He described it as a vision for a country with room for everyone.
The Questions and Answers
Asked whether people’s primary homes are still at risk, Androulakis said PASOK would bring back meaningful protection for primary residences.
NEWSLETTER TABLE TALK
Never miss a story.
Subscribe now.
The most important news & topics every week in your inbox.
On debts owed to the tax authority and social security funds, he said all debtors would be able to pay them off in up to 120 monthly installments.
As for borrowers who keep up with their payments, Androulakis said they would be rewarded: 30% of their debt would be frozen without interest and written off once they complete their repayment plan.
Regarding loans that are sold to investment funds, he said borrowers would gain the right to buy back their own loan before it is sold.
If a fund refuses to agree to a repayment arrangement, Androulakis said it would no longer be able to simply say no. Instead, it would be required to justify its refusal and make a counteroffer.
Asked what happens if a fund breaks the rules, he said there would be real penalties.
Finally, on loans taken out in Swiss francs, Androulakis said it is unfair for borrowers to carry the full cost of exchange rate changes on their own. Under PASOK’s plan, the currency risk would be split, with banks covering two-thirds and borrowers covering one-third.