Greek government submits primary residence amendment
The Greek government submitted a legislative amendment with the new framework for the protection of primary residence on Tuesday night.
The limit on the value of the protected residence comes to 250,000 euros, but if a corporate loan is involved then the limit drops to 175,000 euros.
The new framework comes to replace the former Katselis law. However, Greek authorities have not yet come to an agreement with the creditors on the terms.
It is estimated that following this development, the chances of the Eurogroup of April 5 approving the reimbursement of 970m euros from the Greek bond yields will increase. This is expected to further de-escalate government bond yields and open a window for the Greek state exiting the markets in mid-April (possibly with a new 7-year bond or 5-year or 10-year reopening).
European technocrats continue to express reservations regarding the inclusion of professional loans in the new framework of protection as they believe it would have a negative impact on the banks’ balance sheets while also adversely impacting a ‘culture of payment’, by promoting instead bad payers.
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