Extrajudicial mechanism, online auctions in full use from August

Entrepreneurs with debts to the state and the banks will as of August 5 be able to apply to settle their arrears under the so-called extrajudicial mechanism, while according to the deputy governor of the Bank of Greece, Theodoros Mitrakos, online property auctions will be in full swing by late August.

Although the clock is ticking – given that the law dictates that the mechanism must start operating three months after it was voted and published in the Government Gazette on May 3 – banks appear concerned about the readiness of the mechanism to handle the volume of requirements. Hellenic Bank Association legal counsel Yiannis Mourgelas called for an extension by two to three months for the process to avoid stumbling from its very start.

As for online auctions, they are currently being piloted ahead of their full implementation by the end of the summer, as Mitrakos said on Monday.

Meanwhile the Piraeus Group has created an online platform for the auctioning of properties, aiming to conduct its first auction within next month.