Indebted municipalities may get payback extension

Municipalities could get an extension of up to 10 years to pay back their debts according to legislation proposed by Greece?s Finance Ministry, Interior Minister Evripidis Stylianidis told Parliament Thursday.

An extension, Stylianidis suggested, would enable municipalities to save about 42 percent in interest on debts held by the Loans and Deposits Fund, or about 90 million euros per year.

Municipalities owe an estimated 800 million euros to local businesses and entrepreneurs from 2011, according to the minister.

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