Central Credit Register: Criticism of the 'Tenants' Teiresias'

The Bank of Greece is launching the Central Credit Register, a first step towards the so-called 'Tenants' Teiresias'. This register collects data on all forms of credit exceeding 5,000 euros for legal entities and 2,000 euros for natural persons.

The government aims to create two registers: the Creditworthiness Assessment Information System and the Private Debt Monitoring Register. The former will 'grade' the creditworthiness of each natural or legal person, taking into account debts to the State.

The creation of the CCR is part of measures funded by the Recovery and Resilience Fund, aimed at strengthening the financial system. The aim is to exchange creditworthiness scores and create a unified rating.

Criticism is leveled at the concept of 'moral hazard' and 'strategic defaulters', as well as the potential social crisis that such a system may cause, as seen in the USA.