Sakis Arnaoutoglou petitions EU Commission over Greek borrower protections

MEP Sakis Arnaoutoglou has filed an inquiry with the European Commission regarding a lack of protection for borrowers in Greece facing credit management companies. He highlights a regulatory gap where citizens struggle to identify the correct authority to report issues such as improper interest calculations, unfair charges, and harassment.

While the European Banking Authority (EBA) directs Greek citizens to the Bank of Greece, the central bank has clarified that certain issues, including debt calculations and information refusal, do not fall entirely within its jurisdiction. This creates a bureaucratic labyrinth that leaves borrowers without effective recourse.

Arnaoutoglou is calling for clarification on the distribution of responsibilities and the mechanism for handling complaints. He also raised concerns that EU Directive 2021/2167 is not being applied to credit transfers completed before December 30, 2023, and requested transparent data on the number and outcomes of such complaints and any subsequent sanctions.