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ATHENS – Faithful payers of debts to the government under an installment plan will be rewarded with discounts on what they owe, the Finance Ministry said.

It will apply to those who are making prompt payments on their debts to the state or social security funds as the government seeks to keep a cash flow coming during a crushing economic crisis.

There are no changes expected in the number of installments for the repayment of debts to the state and social security funds, with a maximum number of 100 for debts up to 15,000 euros and 72 for higher amounts. The government and its international creditors were said to have also agreed on a revised interest rate of 4.5 percent, from a previous 8.05 percent.

Among the ideas on the table is a bonus of 20 percent off penalties imposed on debtors who have entered one of the existing payment programs, provided that they stick to it and do not opt for another version, Kathimerini said.

Increasing numbers of debtors are stopping the repayment of their dues, even if they had been consistent in the past. The ministries of Finance and Labor are in constant negotiations with the technical teams from the Eurozone and the International Monetary Fund to devise a way to keep the money coming.

There reportedly are three schemes being discussed. The first two are about the incentives to keep debtors in repayment plans while the other is about rewarding consistent repayment in the case of debtors who opt for a new plan.

The first plan reportedly provides for the revision of the original debt factoring in the new reductions to fines and penalties, which would significantly reduce the outstanding amount.

The second concerns an additional bonus of a 20 percent reduction in penalties, while the third provides for a revision of the amount due even for those who choose a new payment plan.


The post Greece Plans Debtor’s Discounts appeared first on The National Herald.

Source: The National Herald
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