Greek Government Sets 60% Cap on Consumer Loans

Development Minister Takis Theodorikakos presented a draft law to the Greek Parliament that would limit the total burden on consumer and repair loans to a 60 % ceiling over a four‑year horizon. The minister said the cap is the lowest ratio applied in any EU member state and is intended to stop loans from “doubling” and to safeguard the creditworthiness of borrowers, thereby protecting social cohesion.

Opposition parties criticised the proposal as a delayed implementation of EU directives and accused the government of shifting responsibility for high‑interest lending onto workers. PASOK’s G. Nikitidis called the bill a “delayed harmonisation,” while the KKE’s H. Tsochanis linked the issue to exploitation by large profit‑making groups. Other critics called for stronger market oversight and digital tools to enforce consumer protection.