The electronic platform for Greece’s revamped out-of-court debt settlement mechanism will open on Monday, allowing a significantly larger number of borrowers to restructure their debts.
The scheme is available to individuals with debts owed to the state (the tax authority and the social security fund EFKA), banks and loan servicing companies. Under the new rules, borrowers can now consolidate debts of 5,000 euros or more, down from the previous threshold of 10,000.
The lower eligibility threshold is expected to enable around 1 million additional debtors to benefit from the mechanism.
For small debtors, the change offers greater flexibility by allowing repayments through equal monthly instalments, with a minimum monthly payment of 50 euros.
The new mechanism provides for repayment plans of:
- Up to 240 instalments for debts owed to the tax authority and EFKA.
- Up to 420 instalments for debts owed to banks and loan servicing companies.
The application process is conducted entirely online. Applicants must disclose details of their income, assets and financial obligations.
Based on this information, the platform’s algorithm calculates a proposed restructuring plan, including the number and amount of monthly instalments.
Under certain conditions, the mechanism also allows for a partial write-off of the principal debt if deemed necessary to ensure the long-term sustainability of the repayment plan. The assessment takes into account the debtor’s income, assets and overall repayment capacity.
The restructuring carries a fixed interest rate of 3% for its entire duration.
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