ECB sees risks in Greece's planned home foreclosure law

April 11, 2015 12:29 PM

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ATHENS, April 11 (Reuters) - Greece's draft law to protect primary residences from foreclosures goes beyond protecting low-income debtors and could encourage strategic defaults, the European Central Bank said in a legal opinion on Saturday in a potential setback to the plan.

Greece's Economy Ministry had asked for the ECB's views on the draft legislation, which seeks to protect indebted citizens from losing their primary homes -- and fulfills a pledge by the governing Syriza party to deal with a humanitarian crisis brought on by the country's debt crisis.

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