No fees for bank transactions up to 5,000 euros - Greek government initiative aims to reduce costs for families
Greece will scrap taxes and bank charges on some retail transactions as part of measures to help families cope with a cost-of-living crisis, Prime Minister Kyriakos Mitsotakis said.
His centre-right government also plans from 2026 to double the property tax on around 25,000 properties that banks have registered and are not in use, as it tries to increase housing supply and lower rents.
Addressing the Greek parliament, before approving the 2025 state budget, which sets the economy to grow at 2.3% next year, Mitsotakis said Greece would also create a price ceiling of 0.5 euros for money transfers of up to 5,000 euros.
The country plans to remove fees for transactions with the state and utility companies. Mitsokakis said that the time has come for intervention and the measures are realistic and in line with fiscal stability.
Lenders' income from fees for retail transactions amounts to about 200 million euros per year. Their reduction could cost the banks tens of millions of euros per year, according to analysts.
Greece's four main banks have reduced their ratio of non-performing loans to below 6%, from 45% in 2017. They recorded profits of 3.8 billion euros in 2023 and plan to distribute dividends from 2024 profits for the first time in 16 years.
Mitsotakis, whose party has recently suffered a drop in poll ratings, said an additional 100 million euros from the banking system would finance the renovation and construction of schools.
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