The new bill from the Ministry of National Economy and Finance introduces three key measures for managing private debt; it is expected to be passed within the month, with a central focus on the option to settle debts in up to 72 installments.
As Deputy Minister of National Economy and Finance Giorgos Kotsiras stated in an interview with “Vradini tis Kyriakis,” the new arrangement applies to debts that became due by the end of 2023 and is expected to significantly ease the burden on those struggling to meet their obligations.
At the same time, the bill provides for a reduction in the minimum threshold for eligibility for the out-of-court settlement mechanism from 10,000 to 5,000 euros, broadening access to a tool that has already led to tens of thousands of successful settlements. In addition, a provision is introduced to lift the seizure of bank accounts under specific conditions.
“By increasing the number of installments to 72, the monthly burden becomes more manageable,” emphasized Mr. Kotsiras, expressing the view that the new arrangements will encourage consistency and sustainable debt repayment.
According to the ministry, the measures potentially affect approximately 1.5 million citizens and businesses.