The Greek government and the country's four systemic banks have reportedly come to a "gentlemen's agreement" whereby property valued - objectively - at below 300,000 euros is excluded from looming electronic auctions.
The procedure for selling off foreclosed property via an e-auction will soon be activated following the passage of recent legislation, a memorandum-mandated action that aims to bypass the cumbersome and often protest-blocked process that occurs at Greece's various administrative district courts (eirinodikeia).
According to reports, the unofficial arrangement is also noteworthy because it excludes all property (valued at less than 300K euros) foreclosed from individual citizens, and not only primary residences, at least during the first phase of the new electronic auction procedure and until the end of this year.
The exclusion was reportedly agreed to in meetings between Justice Minister Stavros Kontonis and banks' representatives, while the issue also reportedly dominated an agenda of talks during a recent meeting between Greece's lenders and Economy Minister Dimitri Papadimitriou.
