Out-of-court settlement to help boost the Greek economy, says Economy minister

The legislation on the out-of-court settlement of business debts voted in parliament on Friday, a comprehensive institutional framework is put in place to enable viable companies to settle their debts, at the same time as all their creditors, be it the private sector or the State, Economy Minister Dimitri Papadimitriou said in a statement.

“The bill places the debtor at the center and introduces simplified procedures for the out-of-court settlement of debts for viable businesses that are having a hard time meeting their obligations,” he said.

This will in turn help businesses reorganize so that they can become active again, secure jobs and boost the Greek economy, he added.