Greece has announced a major update to its debt restructuring framework, offering homeowners a clearer path to protect their primary residence. The move was unveiled by Kyriakos Pierrakakis, who highlighted the potential benefits of the revised extrajudicial mechanism for settling debts.
The new framework allows debtors to separate their main home from other assets, preserving it through a tailored repayment plan even if it requires selling other properties. This approach marks a shift from previous regulations, which considered a debtor’s total assets when calculating settlements.
How the system works
Under the new rules, the settlement proposal will be calculated based solely on the value of the primary residence, rather than the…