Prime Minister Kyriakos Mitsotakis on Sunday, as part of his regular weekly address, outlined new government measures aimed at regulating banks and improving transparency in consumer transactions.
He confirmed that a draft law prepared by the Ministry of Development is ready, focusing on protecting borrowers from abusive practices in consumer loans of up to €100,000 that are issued without collateral.
The proposed legislation introduces a cap on total repayment amounts, setting a ceiling between 30% and 50% above the original loan principal, bringing Greece in line with average standards across European markets.
It also establishes a 14-day window during which borrowers can withdraw from a loan agreement without penalty.
Mitsotakis described the reforms as a move to eliminate hidden terms and irregular practices in lending, stating that the measures are designed to “create a clearer and fairer framework for everyone.”