ECONOMY

Feverish talks on payment plan proposals

While old debts to the state have grown to 70.1 billion euros, after adding another billion in September, an eagerly anticipated regulation for the provision of new payment programs is being delayed due to reactions from the country’s creditors and the responsible ministers’ inability to agree on a proposal.

Following feverish consultations on Tuesday and a meeting between Prime Minister Antonis Samaras and top officials from the ministries of Finance, Development, Labor and Justice, the following guidelines are said to have been agreed onthe following:

– Negotiations will be held with the creditors’ representatives for an increase to the 15,000-euro upper limit of debt for a maximum of 100 installments for repayment, beyond which the limit will be 72 tranches.

– Banks will follow and not precede the state’s debt arrangement with debtors

– Debts of over 1 million euros will be exempted.

– The interest rate will amount to 4.56 percent, from the current 8.05 percent.

– The deadline for applications will be the end of January.