ECONOMY

PPC debt remedies

Public Power Corporation CEO Arthouros Zervos stated on Tuesday that the electricity giant has decided to hire a call center to inform customers of their debts to PPC, which currently stand at over 1.1 billion euros.

The company is expecting to recover some 100 million euros from those calls, but is pinning its cash hopes on a refinancing agreement for 525 million euros of debt that is likely to be sealed during next week, according to the chief executive.

Zervos added that a 5 percent electricity rate hike is vital for PPC to meets its obligations.

The refinancing deal statement sent PPC stock soaring 7.36 percent on the Athens bourse on Tuesday.

The company?s general meeting has been postponed until July 12.