Calamos Supports Greece
GreekReporter.comGreek NewsEconomyA Comprehensive Overall Solution for Greece's Debt by August 15

A Comprehensive Overall Solution for Greece's Debt by August 15

troika
The Troika of Greece’s creditors managed to reach an agreement with the Greek government today, that a comprehensive ‘overall solution’ will be sought on the issue of debt, held by banks and the state, and social insurance funds.
The meeting was attended by ministers, representatives of the Bank of Greece (BoG), the Hellenic Bank Association (HBA) and representatives of the Troika.
An agreement was reached that the Development Ministry will present proposals for the out-of-court settlement of private sector debts by August 15, initially for businesses and then for individuals.
“The government’s intention is to create a system of private debt management that will help the economy emerge from the crisis but will not allow welshers to laugh at the expense of honest people,” a top Development Ministry official said after the meeting.
Replying to reporters’ questions on whether the Troika is willing to accept the measures planned by the government, he noted that “no one wants to destroy the market.”
The same source pointed out that the out-of-court settlement mechanism, which will be created by the Development Ministry, will have a specific time frame.
Also presented during Tuesday’s meeting was a KPMG report on private debt, a report by the Judicial Studies Society on the speed of administering justice, and an HBA report on the information held by Tiresias, the Greek Credit Profile Databank.
The ministry official added that the bankruptcy law is currently an extremely long, drawn-out process, with 52% of cases under the so-called “Katseli law” getting a trial date five years after the initial application and 20% being tried after 10 years.
The council on private debt – attended by the ministers of Finance, Development, Labor and Justice – was among a series of meetings with the Troika scheduled for today.
The Troika will hold a meeting with Labor and Social Insurance Minister Yiannis Vroutsis this afternoon and will also visit the  Hellenic Statistical Authority (EL.STAT.)

See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!



Related Posts