Greek Banks Follow Euripides to Avoid Foreclosures: Mortgages

Greek banks faced with mounting mortgage delinquencies are following the advice of 5th-century BC playwright Euripides: Time heals.

Banks restructure loans rather than foreclose, extend terms to as long as 45 years, grant payment holidays of up to a year when borrowers are only required to make interest payments, or add guarantors to loans, often children who will eventually inherit the property.