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Just in time - Greek Citizens got some protection - What happens to Italy and Spain?

ECRC has been involved in the Greek consumer bankruptcy scheme that has been passed 2011 and is now open for overindebted Greek citizens. This happened last minute after the situation for Greek citizens deteriorated so significantly.

Our Greek member gives us the first impression how well international cooperation not only of banks but also of stakeholder groups can word. She writes:

"The political situation in Greece is completely ab-normal. The financial situation of citizens is very bad- and going worse every day.   As far as over-indebtedness is concerned, it is of course growing by a tremendous speed - but, thank God, we have the law for debt settlement since March 2010. So a large number of consumers apply in court to get a settlement and after the 48 months period - get a release from their debt."  

We should be aware of the fact that within the old EU membership Italy and Spain seem to be the last members without consumer bankruptcy schemes. This is especially dangerous since these two states may face similar difficulties as Greece today.

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A conference is also taking place this week in Athens organised by ERA and the Greek Association of Private Law (EN.AS.) in which ECRC partners will be speaking and attending. iff Managing Director, Achim Tiffe, will be speaking about the EU Mortgage Credit Directive.

See below for the programme of the ERA conference "Applying EU Consumer Law in the financial services sector" - Athens, 3-4 November, 2011.


ID: 47758
Publication date: 02/11/11
   
 

Created: 02/11/11. Last changed: 02/11/11.
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