Greek Minister Takis Theodorikakos Announces New Consumer Loan Transparency Measures

Development Minister Takis Theodorikakos unveiled a legislative package that introduces a new framework for consumer and repair loans up to €100,000, without collateral, to be offered by banks from November 2026. The law sets an EU‑lowest ceiling on the annual interest rate and caps the total cost of credit, ending the use of “fine print” and granting borrowers a 14‑day right of withdrawal.

The package also imposes an emergency profit‑margin cap on essential food and basic goods, a measure described as unprecedented in Europe and credited with limiting price inflation by three to four percentage points. Enforcement is handled by the Independent Authority for Market Supervision and Consumer Protection, which has already levied a €3 million fine on a multinational for violations.

A new digital platform, “PosoKanei,” was launched to let consumers compare prices in real time, aiming to increase market transparency and competition. The minister stressed that these steps are intended to restore confidence between banks and citizens while addressing inflationary pressures caused by external factors such as the Middle‑East conflict.