Debt

Tax collection commandos

Pressure is growing on state debtors who refuse to join the debt programs of the Ministry of National Economy and Finance. From September 25, according to the timetable, the centers for certification and collection of debts (KEBEIS) will be activated. The goal is for the two debt collection centers in Athens and Thessaloniki to operate under the same rules in order to avoid past mistakes.

Housing credit interventions in the pipeline

The government is preparing interventions in the housing credit sector for this fall, with National Economy & Finance Minister Kostis Hatzidakis vowing that the government will continue to support vulnerable households. 

The "big fish," however, he said, "are not vulnerable households but those who pretend to be poor." 

Bulgaria is in the Top 25 Countries with the Biggest Debt Slaves

With inflation driving up costs, global debts are nearing record highs at $305 trillion - around $45 trillion higher than pre-pandemic levels. Moreover, a worldwide recession has been warned for 2023 at the World Economic Forum earlier this year in the face of rising debt vulnerabilities.

Is debt settlement faltering?

One in every three debtors who apply for out-of-court debt settlement reject the terms they are offered resulting from the platform's algorithm. Most of them claim that the terms are too harsh, while a significant number estimate that it is not in their interest, so the government is understood to be considering new interventions.

Greek taxpayer debts drop in May

Taxpayers' new arrears to the state exceeded 2.44 billion euros in May, the Independent Authority for Public Revenue (AADE) said in a report this week.

Although the total arrears fell to €104.8 billion in May from €107.7 billion in April, the number of taxpayers with debt rose to 4,471,762 in May from 3,687,278 a month earlier.

Stricter rules for servicers

The Ministry of National Economy and Finance is planning a stricter framework of rules on the information obligations that bad-debt management companies must adhere to in communicating with debtors, as well as improvements to the basic terms of out-of-court settlements, so that there is more debt cancellation for more debtors.

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