Resisting populism

Mortgage loans for primary residences must be distinguished from other debts. For this reason, the law stipulates measures to protect the most vulnerable households.

However, the need for social sensitivity must not be confused with populist calls for Seisachtheia-like reforms aiming to cancel all debts.

The demagoguery of the “I will not pay” movement in the years of Greece’s debt crisis eventually bequeathed an even greater cost on the shoulders of debtors. Promises regrettably come without a cost.