Greek Minister Takis Theodorikakos pushes consumer credit bill

Development Minister Takis Theodorikakos called on all opposition parties in the Greek Parliament to support a consumer‑credit bill aimed at tightening protection against abusive banking practices. The proposal introduces a double ceiling on the annual percentage rate (APR) and on the total cost of credit, setting Greece’s limits among the lowest in the EU, at 60% for four‑year loans.

The draft also grants borrowers a right to withdraw from contracts, refuses exemptions for micro‑credits, bans advertising that ties reduced product prices to credit acquisition, and establishes a five‑year “right to be forgotten” for cancer survivors, a stricter limit than the EU‑allowed fifteen years.