BUSINESS

Only fraction of debtors declare bank accounts to avert confiscation

Out of some 3.3 million Greeks with debts to the state, only around 80,000 have declared to tax authorities a single bank account whose savings -- up to a 1,500-euro limit -- would be protected from confiscation by tax authorities, reports said on Wednesday.

So far just under 81,000 taxpayers have taken advantage of a new regulation allowing them to protect up to 1,500 euros from confiscation, declaring the account details via TaxisNet, the electronic portal for submitting tax declarations.

Debts to the state are a major problem for Greek authorities, topping 67 billion euros and rising at a rate of 1 billion euros per month.

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