NEWS

Municipality of Acharnes declares bankruptcy

TAGS: Finance

The Municipality of Acharnes, north of Athens, on Wednesday declared bankruptcy, the third to do so in a year.

The mayor of Acharnes, Yiannis Kassavos, said the municipality’s budget deficit had reached 10.27 million euros, adding that the state Consignment Deposit and Loans Fund had rejected an appeal for a loan, citing the municipality’s dubious creditworthiness.

Last year, the municipalities of Salamina, an island off Piraeus, and Gortyna, in the Cretan prefecture of Iraklio, declared bankruptcy.

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