Struggling Athens Concert Hall granted grace period for debts

Authorities will not impose any penalties on the Athens Concert Hall for not paying its debts until the end of August, according to an amendment passed through Parliament late on Wednesday.

The temporary legislation means that interest will not be added to the cultural venue’s debts to the state and that authorities will not have the right to seize its assets.

The amendment seeks to give the Athens Concert Hall some time to get its finances in order, collect revenues and pay its employees.

The venue has taken out three bank loans totaling 245 million euros that were guaranteed by the state.

It has so far paid back less than 6 million.