Resumption of property auctions in Greece on Wed. to coincide with return of creditors’ auditors

28 November 2017
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Auctions of foreclosed properties in Greece are set to recommence on Wednesday, both at local courts (eirinodikia) and via a newly debuted e-auction platform, with 18 properties up for sale in the latter.

The development comes after a more-or-less expected vote, a day earlier, by delegates of an association representing notaries in the greater Athens area to reverse a decision to abstain from auctions until the end of the year.

The decision, nevertheless, is accompanied by a condition that the government fulfill the promises it made to the association, namely, better security for such auctions.

Resumption of property auctions is judged as crucial towards achieving the third review of the ongoing Greek bailout program and reducing NPLs burdening Greek lenders’ portfolios, especially ahead of February’s “stress tests”.

Reducing the “mountain” of bad debt held by Greece’s thrice recapitalized banks is also a memorandum obligation, and something repeatedly alluded to by the country’s institutional creditors.

NLPs and NPEs is also on the agenda of creditors’ top auditors, who are set to return to Athens for negotiations on Tuesday. A delegation of experts from the Single Supervisory Mechanism (SSM) will also arrive at the end of the month for talks with Greek banks’ managements.

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