Greek PM Mitsotakis Announces Cap on Consumer Loan Repayments
The maximum amount repayable on a consumer loan will range between 30% and 50% above the original principal—aligning Greece with the average standards seen across other European countries
A new government intervention aimed at protecting consumers with unsecured loans of up to 100,000 euros was announced by Greek Prime Minister Kyriakos Mitsotakis in his weekly Sunday Facebook post. He emphasized that the initiative seeks to “put an end to fine print and irregular practices” in the lending market.
According to the prime minister, forthcoming legislation from the Ministry of Development will introduce a cap on total repayment costs. Specifically, the maximum amount repayable on a consumer loan will range between 30% and 50% above the original principal—aligning Greece with the average standards seen across other European countries.
Mitsotakis also highlighted a new provision allowing borrowers to withdraw from a loan agreement within 14 days of signing. “These are measures that create a clearer and fairer framework for everyone,” he noted.
The prime minister also pointed to a recently launched international tender by the Ministry of Digital Governance for the supply, installation, operation, and maintenance of 1,000 fixed traffic cameras across selected points of the road network. The project forms part of a broader road safety strategy aimed at reducing violations such as running red lights and speeding—common causes of accidents.
As he explained, the cameras will be directly connected to the Hellenic Police, while a new digital management system will ensure that penalties are imposed promptly and transparently.
Mitsotakis further referenced the “Neighborhood Nannies” program, which has now come into effect. On its first day alone, the platform ntantades.gov.gr recorded more than 13,500 visits.
Another initiative with strong social impact is the “My Home II” housing program. According to official figures cited by the prime minister, 13,461 loans have already been approved, totaling 1.617 billion euros, with an average loan amount of 120,150 euros.
Finally, he announced the first round of compensation payments—amounting to 22.76 million euros—distributed to 849 livestock farmers whose animals were culled due to outbreaks of sheep pox and foot-and-mouth disease.
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