Greek government to table law protecting legal personnel in property auctions

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Greek government to table law protecting legal personnel in property auctionsIf passed into law, authorities can arrest and even prosecute offenders without the victims needing to file a complaint or lawsuit

Greece's justice ministry is reportedly ready to table an amendment foreseeing the automatic prosecution of anyone blocking or attempting to block auctions of foreclosed property in the country, in the face of demands by creditors to reduce the "mountain" of bad debt in Greece and a decision by notaries' associations to abstain from the process until the end of the year.

The latter have cited violence against notaries who attempted to take part in such auctions.

If passed into law, authorities can arrest and even prosecute offenders without the victims needing to file a complaint or lawsuit. 

As previously reported, the pending draft amendment will also foresee increased security at local or district courts (eirinodikia) where property auctions are held, usually on Wednesdays.

Auctions of foreclosed property have been stopped for months after a previous moratorium was lifted. Protesters often show up at courts or at private notary offices, while at other times notaries' associations call on members to abstain from auctions.

During recent weeks, upscale properties and commercial real estate controlled by individuals or companies with millions of euros in arrears to banks and the state have avoided the auction block after the process was prevented.

A rising figure associated with non-performing loans (NPLs) in the country has generated repeated warnings by creditors and local lenders.

Notaries in Greece are law school graduates who specialize in drawing up contracts, wills and in maintaining a registry of land deed contracts and transfers, while their presence is obligatory at auctions of foreclosed real estate.

Read more here.

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

Photo Source: Wikimedia Commons Copyright: Tilemahos Efthimiadis License: CC-BY-SA

Source: naftemporiki.gr

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