Milena Apostolaki strongly criticised the government in Parliament for failing to tackle private debt and curb arbitrary conduct by banks, funds and loan servicers. She was speaking during a meeting of the competent parliamentary committee to discuss a new bill from the Ministry of Finance.
“The bill comes far too late and offers far too little. After seven years in government, New Democracy is presenting borrowers’ basic rights as reforms, while leaving the real imbalance of power between creditors and debtors untouched,” the PASOK MP said.
Ms Apostolaki highlighted the true scale of the problem, noting that overdue debts now total almost €245 billion, while non-performing loans amount to about €79.2 billion, according to the Bank of Greece. In the first half of 2026, loans worth €1.7 billion moved from performing to non-performing status, showing that the problem continues to reproduce itself.
Servicers in the firing line
She focused in particular on the government’s policy towards servicers, arguing that the new restructuring process replaces the Code of Conduct without providing equivalent safeguards. She also pointed out that giving a restructuring agreement the force of an enforceable title would make it easier to take enforcement action against debtors.
“You are presenting a process as a tool to protect borrowers, when it risks becoming a tool to speed up auctions. You are not curbing the power of funds; you are strengthening their position,” she said.
On the proposal for 120 instalments, she denounced what she called unprecedented government hypocrisy, recalling that ministers had described her party’s proposal as a “monument to stupidity”, while the government spokesman had derided it as “Monopoly money”.
“When PASOK proposed it, you mocked it. Now you are copying the number of instalments but rejecting the substance of our proposal. That is your political credibility,” she said, contrasting the government’s approach with her party’s comprehensive proposal for a 3% interest rate, meaningful reductions in surcharges and fines, and the write-off of part of the restructured debt subject to specific conditions.
She also set out the main measures in her party’s legislative initiative: protection for primary residences, borrowers’ right of first refusal when their loans are transferred, protection of agricultural land, limits on interest-on-interest charges and mandatory creditor participation in the out-of-court mechanism.
The MP also criticised the tax provisions in the omnibus bill, raising questions of tax fairness and transparency, particularly over the proposed preferential 10% tax rate on capital gains from cryptocurrencies.
“Two different political visions are in conflict today. On one side is the New Democracy government, which for seven years has allowed creditors’ arbitrary conduct to become normalised. On the other is PASOK, which is putting forward a specific and comprehensive proposal for rules, limits and real protection for borrowers. The government cannot present itself as a defender of citizens when its policies have left them unprotected against the power of funds,” Milena Apostolaki said.
“Private debt cannot be tackled with publicity-driven announcements and piecemeal fixes. It requires political will, fairness and meaningful protection. Those are precisely the things New Democracy has refused to guarantee for seven years,” she added.
In closing, she called on the Speaker of Parliament, on behalf of the entire House, to take the initiative to bring PASOK’s comprehensive bill on tackling private debt before Parliament for debate without delay. The proposal concerns millions of citizens, households and businesses, whom the government has left unprotected against arbitrary conduct by banks, funds and servicers.
Parliament has a duty to debate meaningful solutions to one of the country’s biggest social and economic problems. “The government cannot go on avoiding discussion of real solutions while millions of citizens pay the price for its policies,” Milena Apostolaki said in closing.