Greece's Ministry of National Economy and Finance says in interview property acquisition and leaseback body will be operational by end of autumn

In an interview at the Investing in Change conference, Finance Minister Kyriakos Pierrakakis said the government expects the Property Acquisition and Leaseback Body for vulnerable households to be operating by the end of autumn, with binding offers expected shortly. He also said the out-of-court debt workout mechanism will be changed so borrowers can define the perimeter of protection, including protecting only their primary residence, in order to secure a larger haircut and a lower monthly instalment. Under the leaseback scheme, a qualifying vulnerable borrower who cannot service an agreed restructuring would have the body acquire the property and lease it back for up to 12 years at a state-subsidised rent of EUR 70 to EUR 210 a month, after which the occupant could reacquire the home. Pierrakakis said the eligibility threshold for the out-of-court mechanism has already been lowered from EUR 10,000 to EUR 5,000, and presented the leaseback body and the out-of-court mechanism as the government's two main tools for primary-residence protection.