ECONOMY

Debts to state grew despite program by SYRIZA gov’t

debts-to-state-grew-despite-program-by-syriza-gov-t

The improved terms for businesses to join the 120-tranche debt repayment plan were voted into law on Tuesday night in Parliament, after state debtors showed little interest in the previous government’s settlement scheme, according to tax authority data.

New expired debts of 473 million euros were created last month, 10.6 percent more than the same month last year, even though the previous administration’s mechanism had been in force since June 2018. While one might claim that the new debts do not qualify for the 120-installment mechanism, the answer is that in order to enter the arrangement debtors have to demonstrate consistency in their tax obligations.

Data from the Independent Authority for Public Revenue also show that the number of bank deposit confiscations fell in the period leading up to the May and July elections. In April they numbered 9,000 before slumping to 6,000 in May and 4,200 in June.