BUSINESS

Four million Greeks owe money to the state

PROKOPIS HATZINIKOLAOU

TAGS: Finance

The number of state debtors has quadrupled since Greece entered the bailout programs, as some 4 million Greeks owe money to the state now against just 1 million in 2010.

Notably, 87 percent of state debtors owe no more than 5,000 euros each.

The Independent Authority for Public Revenue sends letters to banks asking them to confiscate debtors’ deposits every day.

However, the net result for the state coffers is negative as most of the debtors’ bank balances do not exceed 100 euros.

Still, debtors tend to be more compliant after receiving telephone calls and emails.

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