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Greece speeds up electronic auctions of foreclosed properties

Greece speeds up electronic auctions of foreclosed properties

ATHENS:  Greek authorities will speed up the auctions of foreclosed properties which are conducted only electronically as of Wednesday, according to the new law voted in parliament last month.

Over 1,700 auctions had been scheduled until Wednesday to take place in coming weeks via a special electronic platform set up in cooperation with the associations of notaries across Greece.

The government turned to e-auctions to get around protests which have obstructed procedures in courts since 2016 in order to facilitate banks to reduce nonperforming loans under bailout commitments. Under the third Greek bailout, which expires this summer, Greek banks must settle one out of three bad loans by 2020.

The auctions are one of the pending prior actions required by creditors to unlock the next aid tranche to Athens.

As some 150 notaries nationwide have signed up to carry out the more than 12,000 e-auctions scheduled by banks and the Tax Office during 2018,