All fronts open with creditors

Bad loans, the reduction of the maximum value of properties protected from auction, and a possible fiscal derailment due to court decisions were the main issues discussed by the mission chiefs from the eurozone and Greek officials during the first day of talks for the second post-program assessment in Athens on Tuesday.

During their meetings with government officials and bankers, the representatives of Greece's creditors appeared determined to push Athens to reduce the maximum value of the primary residence of debtors for which they can seek protection.

The current protection ceiling stands at 280,000 euros (for families with three or more children), according to the so-called Katseli law, and the government is proposing bringing this down to 250,000 euros, but banks as well as the creditors consider this to be extremely high. Instead, the banks want the ceiling to drop...