Huge lines of loans holders lined up in an all-night vigil at the magistrates court so as to make the deadline for entry into the requirements of Law 3869/2010, colloquially known as the “Katseli Law” that was named after Louka Katseli, the lawmaker that drafted it. The law was designed to help indebted households compel banks to restructure their loans according to their new financial circumstances. As things are panning out, entry into the law could be crucial in 2016 as terms for loans become harsher and could result in more foreclosures.

Protothema.gr visited the court building at Loukareos Street and found hundreds waiting for a number to ensure that make the December 31 deadline for debt settlement.

“I’ve been here since midnight. I was alone, but my lawyer says I am eligible to enter the law. My debts are at 150,000 euros, and I have two homes and received a pension worth 2,250 euros that is now at 1,050 euros. I came at the last moment because of banks… They told us that we could reach a settlement and to not be afraid until we finally ended up here,” said Mr. Ioannis, speaking to protothema.gr.

Around 170,000 households are in the red, and are rushing to make the Thursday deadline.

Banks are already knocking on the door of indebted households for delays of more than 90 days. At least 500,000 warning letters have been sent calling those in debt to meet their duties within 15 days. Another million loans holders are expected to emet more letters that, if ignored, will result in second harsher warning letters before procedures for home foreclosures begin.

Kostas, aged 37 years, arrived at the courts at 4 a.m. and managed to get number 72. Speaking to protothema.gr he said that his goal was to save his home. “I have number 72 and I am here since 4 a.m. It’s now 6.30 a.m. and people are up to number 260. I am expecting things to go well. I’m married and had dreams so I bought a house by taking out a loan. The banks didn’t give us the papers and delayed us for up to 10 days,” he said.