The Greek financial crisis, which was officially acknowledged by the announcement of Prime Minister George Papandreou in Kastelorizo on April 23, 2010 to appeal to the European support mechanism and was ratified on May 6, 2010 with the adoption of the first memorandum by the Greek Parliament, made it imperative to protect the family home from auction and liquidation to pay off the creditors of Greek households, the vast majority of which are banks and credit institutions.
Until that time a beautified situation of security and complacency was cultivated by the political system, according to which the Greek state and particularly the banking sector were both sufficiently armoured to withstand the global shocks, caused by the bankruptcy of Lehman Brothers on the 15th of September 2008. However, for those in the know in law and accounting firms of major Greek cities, who had contact with a large part of society and had a more complete picture of the economic scene, it was evident that our country was not spared. The tap of funding to businesses for investments and to individuals for consumer loans but also for house purchase had already started to close in 2009. Unemployment was increasing slowly but steadily, decreasing the household income of those employed in the private sector, with the direct consequence being their inability to meet their loan obligations. The banks, reacting spasmodically in the unexpected situations proceeded in foreclosures and auctions of the assets of the borrowers, even of the sole residence, for a few thousand euros.