Borrowers who choose to participate in a recently passed regulation will secure stable Euro payments and significant debt relief for their Swiss Franc loans.
A new regulation approved in December allows borrowers with Swiss Franc loans to apply for a debt restructuring solution through a governmental platform opening on February 19. This initiative aims to provide borrowers with stable, predictable payments in Euros, relieving them from the volatility associated with the Swiss Franc. The platform will remain open for applications for six months, providing ample time for borrowers to assess their eligibility and apply for relief.
The platform, set to be managed by the General Secretariat of Financial Sector and Private Debt Management of the Greek Ministry of National Economy and Finance, will cater to all forms of Swiss Franc loans, whether they are being serviced normally, have been restructured, or are currently in default. The application process will evaluate eligibility criteria and issue an eligibility certificate to be forwarded to the creditor, allowing for the restructuring process to proceed smoothly.
For those with non-performing loans, the adjustment will occur through a legal mechanism that mandates creditors to comply with the restructuring outcomes derived from an algorithm. This comprehensive approach demonstrates the government's commitment to addressing the challenges faced by borrowers dealing with foreign currency loans, promoting financial inclusivity and stability within the Greek economy.
