Today is a big day for approximately 100,000 borrowers under the law Katseli.
And it’s a big day because Kyriakos Pierrakakis is bringing to a vote in the Parliament a regulation that is expected to lead to a dramatic, astronomical—if I may use that term—reduction in the interest charges on their debts. This is a measure with a strong social dimension, designed to correct a distortion that has burdened thousands of families for years.
The amendment provides that the imposition of interest on court-ordered payment plans under Law (3869/2010) will now apply only to the monthly installment set by the court; in other words, it will apply only for the period between two consecutive payments, and will be applied automatically to all those with active and up-to-date repayment plans. In this way, interest will no longer be calculated on the entire outstanding balance, a development that will lead 100,000 of our fellow citizens to see their total debts decrease immediately.
About a month ago, Kyriakos Pierrakakis had stated that the big challenge is for the positive economic indicators to translate into the real lives of citizens. And it seems he was already working on this systematically, without anyone having a clue. With today’s announcement, the economic reality is changing for the better for 100,000 debtors!
The Minister of Finance is undoubtedly a powerful weapon in the hands of Kyriakos Mitsotakis, and one of the government’s strongest assets. In every ministry he has served, he has left a measurable legacy, and today he is implementing a change that directly affects thousands of families. I have read examples of economic analyses that estimate that the reduction in interest rates could reach as high as 98%. It may sound unbelievable, but for many people it represents a real second chance to get back on their feet.
And this didn’t happen by chance.
