ECONOMY

Finance Ministry prepares one more debt repayment plan

The Finance Ministry is examining a number of alternative plans to boost state coffers and pay its dues to the European Central Bank and the International Monetary Fund. The 1-billion-euro gap in revenues during the first couple of months of 2015 combined with the increase in expired debts leave the government no scope for changes and tax burden relief for salary workers, pensioners and property owners; such moves have now been deferred to the second half of the year.

At this stage the ministry is preparing a new type of debt repayment scheme, although the criteria and the terms included are not yet known. This will be in addition to the 100-installment payment scheme and the lump sum payment with a penalties write-off. Other measures on the drawing board are a lottery with prizes for taxpayers who collect receipts for their transactions, and the recruiting of tourists, students and housekeepers to combat tax evasion.

All these measures are still pending the approval of the country’s creditors and will be on the table of negotiations set to begin today. However, it remains to be seen if and to what extent they will be able to fetch the required results.