Prime Minister, Kyriakos Mitsotakis announced the introduction of a new bankruptcy code during his discourse on Monday at the Council of Ministers, noting that it will be a single code that finally closes the wounds of decades of economic and social reality and paves a clear path for how debts will be settled to the State, to the funds and to the banks, which total 234 billion euros.

Referring in particular to the issue of the vulnerable persons’ primary residence, Mr. Mitsotakis said that the new regulations have a strong social aspect and stressed that after the timely warning for anyone who applies at the stage of regulation, foreclosures and auctions will be suspended. And after the two-month consultation, the weakest will receive a special subsidy on the regulated installments of the new loan.