BUSINESS

Single haircut system for all corporate arrears

The Economy Ministry has proposed to the country’s creditors a common haircut system for corporate debts to banks and the state as a part of the out-of-court settlement mechanism, Kathimerini understands.

The proposal foresees all debts being tackled on the same basis, without any limits or restrictions.

It constitutes the General Secretariat for Public Revenue’s compromise counterproposal to the creditors’ insistence there should be no exceptions to debts that can be subject to a haircut, such as value-added tax or payroll tax, as that would undermine the main effort to drastically reduce nonperforming loans.

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