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.
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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."
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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.
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Greece to auction 625 mln euros in T-bills
The Public Debt Management Agency will auction 26-week treasury bills, in book entry form on Wednesday, with maturity on January 26, 2024.
The amount to be auctioned will be 625 million euros and the settlement date will be this Friday.
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Greek private debt below EU average rate
Private debt in Greece remains stable and lies below the European Union average, Deputy Finance Minister Haris Theocharis said in Parliament on Friday.
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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.
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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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Cash reserve for debt payment
The government strategy after Greece secures investment grade and opens up to a larger number of investors is to make use of part of the high amount of cash available in a productive way and toward the reduction of the public debt.
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EFKA debtors to be ‘named and shamed’
The competent services of the Single Social Security Entity (EFKA) are asked to cross-check the debts of individuals and businesses that exceed 150,000 euros, in order to update the data by August 4 so that they can be made public without errors.
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