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ATHENS – Crushed by austerity and unable to meet tax obligations – and awaiting new installment plans – so many Greeks aren’t paying that outstanding debts to the state have hit 72.77 billion euros, some $89.03 billion.

The debts jumped 1.6 billion euros in just one month and swelled by 12.5 billion euros this year, the Finance Ministry reported.

Most of this year’s increase was money owed to tax authorities and social security funds as taxpayers hit with a combination of big pay cuts and tax hikes just couldn’t come up with the dough, adding to a previous pile of 60 billion euros in debts to the state.

That’s happened despite massive confiscation of bank accounts of debtors and prosecutor of some debtors with large arrears even if they can’t afford to pay.

In the first 11 months of the year, the sum collected by the state from the repayment of expired debts amounted to almost 3.26 billion euros, of which nearly 1.48 billion euros concerned old debts (created before January 2014), while the remaining 1.78 billion accounted for debts created this year.

Total debts of 923 million euros have also been written off and checks of the wealthy aren’t reaching a target of 720 inspections with reports that 609 had been finished.

 

The post Greece’s Expired Debts Pass 72B Euros appeared first on The National Herald.

Source: The National Herald
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