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News Link • Economy - International

Troika Lenders Demand Confiscation Of Homes In "Bastion Of Stability" Greece

•, by Tyler Durden
 While 65% youth unemployment is a large and scary enough data point, and Greeks are in open revolt against tax collectors, the uproar over Troika's current demands to lift a ban prohibiting banks from confiscating homes is growing. From the people to the politicians, anger is brewing over the lifting of the ban but the banks (already mired in 27% default rates) are behind the decision to help recapitalize themselves (and are refusing to restructure loans). However, given that Greece has already used 75% of its bank bailout fund and that repossessing and auctioning homes (potentially based on 'social criteria') could cut home prices 12 to 21%... not exactly going to help bank balance sheets; and it would seem Greece will need more caves.

Greece’s international lenders are pressuring the coalition government led by Prime Minister and New Democracy Conservative leader Antonis Samaras again to lift a ban prohibiting banks from confiscating homes worth more than 200,000 euros ($260,000) of Greeks who can’t afford to pay their mortgages because of daunting austerity measures.

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