Debt settlement mechanism working at satisfactory level

Debt settlement mechanism working at satisfactory level

“The latest data on the course of the Extrajudicial Debt Settlement Mechanism prove that it is now functioning satisfactorily,” Finance Μinister Christos Staikouras said on the occasion of the publication of the progress report of the out-of-court settlement mechanism. 

The minister noted that, “to date, more than 3,320 debtors have settled debts to the state and to financial institutions totaling 1.08 billion euros. Last September, the total amount of settled debts reached just over €300 million.” 

At the same time, Staikouras noted that “the progress that has been made is particularly significant in recent months, making this tool the most successful in the last 12 years in addressing the serious issue of private debt among those put in place by successive governments.” 

“But the above figures are not something to celebrate, but proof that everyone involved – primarily loan and credit management companies, and secondarily the banks – have the potential to do much more,” he added.

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