Debt

Individuals and businesses who are due a tax rebate but owe money to the Unified Social Security Fund (EFKA) will see their rebates offset with their debts, may no longer be able to submit their statements to EFKA online and may be prosecuted. 

All these moves are part of the social security debt collection center's plan to crack down on debt and prevent its further accumulation. 

Social security agency EFKA is allowing non-salaried professionals and businesses affected by wildfires not to pay their social security contributions for six months and no compound interest will be charged once they resume payments. 

Russia's central bank yesterday raised its key interest rate by 3.5 percent, a move designed to fight inflation and strengthen the ruble after the country's currency reached its lowest value since early in the war with Ukraine.

The decision was announced after an emergency meeting of the bank's board of directors was called a day earlier as the ruble declined.

It is widely expected that Greek debt will finally return to investment grade for the first time since 2010. Some minor credit rating agencies have already gone ahead with the upgrade, though none of the "big four" - DBRS, Fitch, Moody's and Standard & Poor's - have done so yet.

Greece's debt attaining investment grade will likely happen, given its economy's progress, but that does not mean the bigger rating firms will do so in their next rating updates, Barclays notes. 

It added that they usually act prudently, rather than hastily. 

In the years ahead, Greece should take great care regarding its enthusiasm for North American-style mortgages as a vehicle for encouraging homeownership. 

It should look no further than Canada, where a recent report says Canadians are carrying the highest personal debt levels of all G7 countries - much attributed to homeownership. 

Starting in September, the Independent Authority for Public Revenue (AADE) will be able to monitor debtors' repayment schedules in real time and message them immediately if they skip a payment.

The decision late on Friday by German credit rating agency Scope Ratings to upgrade Greek debt to BBB-, that is, investment grade, comes on the heels of a similar decision by Japanese firm R&I and provides hopes that the "big four" ratings firms recognized by the European Central Bank - Fitch, Moody's, Standard & Poor's and DBRS - will move in the same direction, bestowing an investment

The names of individuals and companies that have outstanding debts over 150,000 euros to the state and/or the social insurance fund (e-EFKA) were posted by the Greek Independent Authority for Public Revenue (AADE) on Friday.

A total of €2.65 billion in private debt to banks - or, more accurately, to the recovery funds that bought delinquent loans from banks - and the state has been settled so far this year outside the courts, through 7,257 cases, the Ministry of Finance announced.

Of those, 931 settlements worth €400 million were made in July alone, the ministry added.