Development Minister Takis Theodorikakos called on all opposition parties to vote in favour of the consumer credit bill during today’s discussion before the Parliament’s Production and Trade Committee.

“Political parties must respond positively to the demands of society and consumers for protection against abusive banking practices, which is the essence of this bill,” Theodorikakos said.

He emphasized that the legislation “implements specific European directives, but we are going several steps further. It reflects our broader strategy for a fairer market, lawful and healthy competition, and significantly greater transparency.”

The Development Minister stressed that the bill “puts an end to the fine print in loan agreements, while we are introducing a double cap both on the Annual Percentage Rate (APR) and on the overall cost of credit, which is the lowest in the entire European Union.”

“The cap is set at 60% for four-year loans, while the next lowest country stands at 100%,” he added.

He also noted that although the European directive allowed Greece to exclude microloans, “we chose not to do so,” while the legislation also provides consumers with the right to withdraw from a contract.

“The right to responsible lending is a key issue, because, let’s be honest, there are thousands of cases of irresponsible lending, with responsibility lying both with banks and consumers,” Theodorikakos said.

The minister also highlighted that the bill prohibits advertisements suggesting that a reduced price for a product is conditional on taking out credit.

“I also consider the right to be forgotten for cancer survivors extremely important. We are adopting a five-year time limit, whereas the directive allowed us to set a limit of up to 15 years. I believe this is an extremely sensitive issue for society,” he said.

The Development Minister concluded by saying that “these are just some examples demonstrating the government’s additional commitment to consumer protection, and this is why the bill should receive support from everyone.”