Draft law signals start of debt cancellation in Greece

From Greek Reporter

If Greek lawmakers approve the law then it will set a precedent as it will be the first time that participation in debt relief for over-indebted but viable businesses will include the public sector, banks and social security funds. Debt relief could include extensions to the repayment periods, debt haircuts and debt restructuring. Businesses wishing to participate can submit electronic applications via the website for the Special Secretariat for Management of Private Debt. The website will inform them of documents they need to submit in order to be considered for eligibility. Applications will be handled by the coordinator from the justice ministry’s arbitrators’ register.



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