Greek lawmakers vote for sale of “red loans” to predators on Tuesday

Greek society should brace itself for more austerity following the voting of the omnibus bill on Tuesday

Greek Parliament’s Economic Affairs Committee approved the draft bill on the 13 prior actions that Greece’s lenders (EC, ECB, ESM, IMF) had asked for. Following the majority approval of the bill in principle, it passed through Greek Parliament for a plenary debate on Tuesday. The voting of the bill is to take place on Tuesday night after the 10-hour debate is completed.

The bill – tabled on Saturday – is being passed through using fast-track procedures so that Greece can unlock a 1-billion-euro tranche of bailout loans. The bill deals with the management of non-performing loans (red loans), wage issues and the achievement of other fiscal targets and structural reforms.


Speaking to the committee, Economy Minister George Stathakis said on Monday that the business loans that have been granted by the government will not be passed on to private funds. He also added that efforts to find a solution that will also be approved by the European Commission have not yet succeeded but he added that the legislation signed by the government forms “a framework that is one of the strongest among European countries.”