Mr. Fotis Kourmousis

Special Secretary for Private Debt Management (NPL), Ministry of Finance & Board Member, Hellenic Development Bank

Fotis Kourmousis is the Special Secretary for Private Debt Management at the Ministry of Finance of Greece. Member of the Board of Directors of the Hellenic Development Bank and Deputy Head of the Council of EquiFund at the Ministry of Development and Investments. Member of the Council at the Liquidity Observatory of Greece, which monitors new financing to the economy.

As a Special Secretary he is responsible for formulating and implementing the legal framework for private debt management, focusing on non-performing loans as well as debts towards the State (Tax Authority, Social Security Institutions). Flagship projects include the creation of debt restructuring and subsidy schemes, with automated procedures, through IT platforms:

  1. Covid-support scheme for subsidizing loans encumbered with primary residence of households, who have been financially stricken by the adverse effects of the corona virus pandemic
  2. Covid-support scheme for subsidizing business loans of companies, who have been financially stricken by the adverse effects of the corona virus pandemic
  3. New insolvency law aiming at debt restructuring as well as complete debt discharge (2nd chance) for households and businesses, through which a long-term repayment plan of 240 instalments was provided for the first time in Greece
  4. Out-of-court workout scheme for restructuring debts of companies, their general partners, freelance professionals and farmers, through which a repayment plan of 120 instalments was provided for the first time in Greece
  5. Primary residence protection scheme for restructuring and subsidizing mortgage, consumer and business loans encumbered with primary residence of individuals, who are vulnerable debtors.

In order to tackle over-indebtedness and promote financial literacy, he has developed a country-wide network of 50 Debt Information and Support Offices, which provide free advice to households as well as small and medium-sized enterprises.

In the past, he has served as Special Advisor for Sustainable Development issues in International Organizations, such as the United Nations (2003-2009) and the European Commission (1999-2002).

He served as Special Advisor to various Ministries:

  • Ministry of Finance focusing on Tax and Customs Administration issues as well as Information Systems (2012-2015)
  • Ministry of Economy and Development focusing on Investment issues (2011-2012)
  • Ministry of Environment, Energy and Climate Change focusing on sustainability issues (2009-2011)
  • Ministry of Agriculture focusing on the Common Agricultural Policy during the Greek Presidency of the EU (2003).

In the private sector he worked:

  • As a consultant, applying international standards of Corporate Social Responsibility to large companies and supporting small and medium enterprises to modernize and implement investments, utilizing EU structural funds.
  • As an Auditor on Management Systems (ISO).

Postgraduate studies in Strategy and Leadership at Oxford SAID Business School as well as Executive Master’s in Business Administration at American College of Greece (ALBA). Permanent Lecturer in Laboratories of the National Technical University of Athens, where he also obtained a PhD in Engineering. He has published numerous scientific articles in international research journals and has participated as a speaker at national, European and international conferences. Graduate in Environmental Management at the Aegean University.

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