Greek government is heading to a major drop in the threshold for the protection of first residence from auctions in order to reach an agreement with Europeans and get the 2 billion euroes tranche.

The initial proposal submitted by Greek government covered 99% of the loans, while according to sources the new proposal covers 56% to 65% of the loans.

The same sources say that the government accepts the protection threshold to fall at 30,000 euros regarding the family income and up to 180,000 euros regarding the property value.

According to Kathimerini newspaper, the proposal submitted by Greek government protects about 56% of the owners from first residence auctions and those whose property value is at 180,000 euros, which will be increased by 50,000 Euros for a couple and by 25,000 euros for each child -with a maximum of three children.