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Austrian Paper Sees Looming Property Crisis in Greece

The bad condition of the Greek banking sector and the deep crisis in the Greek real estate market are highlighted in an article in Austrian newspaper Wiener Zeitung.

As the article mentions: :Banks are straining under the burden of toxic loans thst sr increasing dramatically. The country is facing a wave of forced foreclosures that could be even worse than that of Spain."

The problem according to Wiener Zeitung is that despite the crisis faced by the country, the interest rates for new loans remain high.

The article continues that more and more Greeks fall into debt trap, partly due to increasing property taxes, with the Greek state seeking to garner 2.65 billion euros from property owners, seven times more than it was gathering before the crisis.