Debt settlement

Number of applicants in PPC debt settlement scheme hit record high in October

Nearly 1,500 applications to settle debts to Greece's power utility have been filed daily since October 1, which is when the new debt installments plan went live online and also became available by telephone, sources in Public Power Corporation (PPC) reported on Monday.
The new repayment plan includes more installments and lower initial installment rates.

Social security fund settlement scheme installments to shrink

The tens of thousands of social security fund debtors whose applications to settle their debts were approved will see their monthly installments declining from September as an interest rate reduction from 5 percent to 3 percent annually comes into force.
Both individuals and companies can repay their debts in up to 120 monthly installments.

Greek gov’t at odds with creditors over impact of dues scheme

The two mechanisms for the settlement of debts to the tax authorities and the social security funds will be a sizable challenge for the next government. Greece's creditors estimate that the 120-tranche payment programs will create a fiscal gap of 0.6 percent of gross domestic product in the 2019 budget that risks missing the target of 3.5 percent of GDP.

Banks demand stricter protection rules

Greek banks are proposing that the protection limit on the objective value of debtors' main residences be reduced to 100,000 euros in the context of the Katseli law.

That would signify a drastic decline from the current level that starts at 180,000 euros and can rise up to 280,000 euros depending on the number of children in a household.