In an ERT television interview, Minister of National Economy and Finance and Eurogroup President Kyriakos Pierrakakis detailed planned October legislation to tighten credit servicer rules and allow eligible public debts to be repaid in up to 120 installments. He also outlined forthcoming heating oil support and Greece’s request for additional flexibility under European Union fiscal rules if energy prices require further intervention. The credit servicer framework is targeted for passage by the end of October and would apply immediately after enactment. It would cap required down payments at 15%, require servicers to complete the restructuring process and provide a standardized, reasoned response within six months, and impose consequences where enforcement begins despite a borrower complying with an arrangement. Penalties would include fines of up to EUR 500,000, relief equivalent to five installments for affected borrowers and five months of additional flexibility. The Bank of Greece would retain a major supervisory role, while the ministry would increase its oversight. Separate legislation allowing up to 120 installments is also targeted for October, would cover eligible debts through 2024 and would remain open for entry until mid-2027 at an interest rate of 5.8%. Heating oil measures will be announced on Oct. 14 and will combine an increased heating allowance under the existing eligibility criteria with a subsidy at the pump, whose amount will depend on prevailing prices. The state subsidy for diesel is 15 cents per liter through Oct. 15, supplemented by 5 cents from refineries, while refineries provide 10 cents per liter for unleaded gasoline. Greece will seek additional EU fiscal space for any further targeted support, with the issue due for discussion at forthcoming Eurogroup and ECOFIN meetings before any decision by European Council leaders.

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