Greece’s General Accounting Office Delays Payment of State Debts to Private Sector

Greece’s General Accounting Office has failed to repay outstanding debts to the private sector on time, a prerequisite for the disbursement of the bailout loan subtranche of 800 million euros.

According to a Kathimerini newspaper report, the funds have been available since September 1st, as they have been earmarked after the completion of the second review of the bailout programme early in July.

The report says that Athens scrambles to pay the dues by the October 31st bailout agreement deadline.

The Finance Ministry must produce proof to Greece’s creditors that the outstanding debts of 1.2 billion euros have been repaid by the end of October, so the payments must be made by the end of September.

A senior ministry official said on Tuesday that “there is no serious problem” and “the amount will be covered within this month.” Of the 1.2 billion euros, 400 million will have to come from Greek state resources and the rest from the creditors’ loans.


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