Speaking from Brussels, PASOK MEP Nikolas Farantoutis called for the immediate implementation of the Supreme Court’s ruling on the calculation of interest on restructured primary residence loans:
“Finally, after six months, the Supreme Court’s decision on PASOK’s law for the protection of primary residences—also known as the Katseli Law—has been finalized. The Supreme Court ruled that interest must be calculated on the monthly installment and not on the principal, as banks and funds had been calculating it ILLEGALLY for so many years, while governments turned a deaf ear to the cries of despair from hundreds of thousands of borrowers.
And yet today—even after the ruling—banks and funds are pretending not to understand, and the government is supposedly seeking “a middle ground.” For what? For something that vindicates borrowers against the vultures? What could the middle ground possibly be?
The ruling clearly vindicates borrowers and deems the way banks and funds calculate interest to be illegal and abusive. PERFECT.
All the money borrowers have paid over the years without owing it must either be refunded or offset against their future obligations.
Those who were excluded from the protection scheme due to illegal charges by banks and funds must also be reinstated.
If the government does not IMMEDIATELY proceed with implementing the decision and does not adopt PASOK’s proposals, it becomes an accomplice in the deception of 350,000 borrowers and their thousands of guarantors.
The fight continues in Brussels and in every corner of Greece. We will win!”