Greek Development Minister Takis Theodorikakos advances consumer credit reform and price‑cut plan

Development Minister Takis Theodorikakos announced a new consumer‑credit bill that will apply to consumer and repair loans and credit cards up to €100,000 without collateral. The law sets a 60 % ceiling on the total cost of repayment, which Theodorikos described as the most protective framework in the EU, and includes measures to curb abusive banking practices and a €21 million fine regime collected by the Independent Market Surveillance Authority (AADE). The draft is scheduled for a parliamentary vote next week and will become effective for contracts signed from November 2026.

The minister also outlined a parallel price‑reduction initiative. A working meeting on 9 July will bring together industry representatives, supermarket chains and AADE to define a list of roughly 2,000 basic goods for a summer price‑freeze (July‑August) and further reductions in early autumn. Data released by AADE showed that from 1 April to 24 June, prices fell on 1,898 product codes, averaging a 5.94 % decrease after the profit‑margin cap was imposed. Theodorikakos stressed that “it ends the fine‑print” that leads families into over‑indebtedness and that sustained economic productivity and higher wages are needed to alleviate the cost‑of‑living pressure.