According to the newly proposed law by the Greek Ministry of Finance, the revenue office will be able to accept payment of debts by the transference of property.
Debts to the State have now surpassed the 60 billion euro mark. Every day an increasing amount of citizens report that they can’t pay their debts, even in installments.
The solution may come from the new bill under consideration for the estates. If this bill is passed, citizens can repay their debts by transferring a property, with the two following options:
The first option is the transferability of the property (i.e. sale) to another citizen, who would then inherit either full or partial debt of the original owner. The second option, is to transfer the property directly to the State to offset the value of the property with the owners debts.
What happens if the property value is greater than the real estate? In this case, the State benefits and the citizen loses. The State would not be responsible for compensating losses.
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