Worrying Increase in Overdue Debts to the Greek State

    overdue debt'The number of overdue debts to the Greek state has grown during the first quarter of 2014, compared to the same period last year. Meanwhile, new debts appear at a faster rate than the old ones that are being repaid.

    According to a Ministry of Finance notice, in 2013 12.3% of overdue debts were paid, whereas only 9.3% were paid in the first quarter of 2014. A 63% rise in fines for administrative violations has been added to the already expired debt increase, while it appears that new overdue debts accumulate faster than old ones are paid.

    According to the Finance Ministry, 91% of overdue debts that have been recorded during the last semester come from income taxes, property taxes, VAT fines and loans. Moreover, a shocking 450% increase of overdue debts in car taxes was recorded, while, at the same time, collection of property tax on the self-employed has not been successful, since it was estimated that only 7.9% of these debt repayments were collected.