Insolvency code, 'second chance' for debtors unveiled as ND eyes social impact of crisis

PoliticsGreek Politics Tags: Banking, Debt, New Democracy, Reforms
Photo by MacroPolis
Photo by MacroPolis

The government has unveiled the draft legislation that paves the way for Greece to adopt a new insolvency code and offer debtors a so-called “second chance” – a move that New Democracy hopes will stave off a major social impact resulting from the long economic crisis, as well as the knock-on effect of the more recent coronavirus pandemic.

The bill has been in the works for many months after being demanded by Greece’s eurozone lenders as part of the post-bailout reform programme. Its adoption would see Greece fall in line with EU directives as far as bankruptcy regulations are concerned, ...

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