Main opposition New Democracy (ND) party this week announced its own initiative to tackle the increasingly acute issue of indebted businesses and households in the country, with the highlights being a simplification of an out-of-court process for SMEs, faster judicial review for larger enterprises and a reform of Greece’s antiquated bankruptcy code.
Most of ND’s recommendations revolved around proposals previously made by institutional creditors to substantially manage non-performing loans (NPLs) in the country, but also in terms of arrears towards the state (tax bureau, social security funds etc).
The center-right party also called for different criteria to be employed for so-called “strategic defaulters”, as opposed to responsible borrowers.
