Debt settlement procedures progressing fast, Kourmousis says

The debt settlement process for the first enterprises to use Greece’s out-of-court debt settlement mechanism is expected to begin by the end of October, after completion of negotiating procedures, Fotis Kourmousis, special secretary of Public Debt Management said on Thursday.

Addressing an event organised by the Hellenic Confederation of Professionals, Craftsmen & Merchants (GSEVEE) to discuss the mechanism, Kourmousis said that by next Sunday all data from tax agencies will be included in the electronic platform for the out-of-court mechanism (data from banks and the social insurance fund EFKA have been included already), while the approval from institutions was expected to include the self-employed in the same procedure.

GSEVEE President George Kavvathas, addressing the event, stressed that according to a recent survey of the Confederation, around 60,000 small- and medium-sized enterprises were expected to be included in the mechanism, adding that the measure “although fair was not enough.” He also urged changes in tax factors and the reactivation of the banking system to support business activity in the country.