Jubilee in Greece – Part 1

greek banking crisis

Defending the Banks or the People?*

A Greek court has canceled 100% of the debt owed to two banks by an unemployed Greek woman. It’s the first time in the modern era that a Greek court has made such a ruling, and it looks this decision will become a precedent for thousands of other pending cases in the Greek courts, as many borrowers are in distress from predatory interest rates and are failing to meet their obligations. It looks like Greece once again will see a rebirth of democracy, as was the case in ancient times when Solon, the celebrated “Father of Democracy instituted” the “Shaking Off of Debt Burdens.

As reported on the website newsbomb.gr, here is the story:

The woman owed 26,179.65 euros. Previously, she had always paid her debts on time.

Speaking exclusively to newsbomb.gr about the loans, she explains the drama of constant phone harassment by the banks, requiring the repayment of debt, though they knew that she was unemployed with no earnings.

“I do not imagine how you sleep and wake up with constant phone calls from banks. Each one hour, morning and evening I received a disturbing phone call from a bank. I could not stand another psychological pressure exerted on me! I told them that I was unemployed for over a year that the previous employer, I still owe my accrued, but not the interest.

I felt very bad that I owe this amount. I was always very formal in my obligations. After 18 years I was suddenly without work and unable to pay my debts. This created a big problem. I wish I had my job and was able pay your banks.”

Mr. Bartzokas George, Attorney-President of the Citizens’ Movement – Borrowers, told newsbomb.gr:

“This is a historic decision, as it is the first court decision that removes 100% of debt from the borrower. Handled flawlessly Article 8 paragraph 5 of N.3869, whereby the court clears the debt because the borrower is a long-term unemployed and has not enough to even cover the minimum living expenses, both for the borrower and for dependents. Surely others will follow such decisions. ”

“Victory of the borrowers”

“This decision of the district court Larissa is a victory of borrowers against banks, which, let’s not forget, give consumer loans without guarantees. Act 3869 will ultimately vindicate the indebted households and especially those who are truly economically impossible to make debt repayments, as the unemployed and the economically disadvantaged, “says the newsbomb.grĀ  President George Lechouritou.

*image source: underclassrising.net