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Amendment to extend clunker retirement program; bonuses slashed

A vehicle retirement program (a “clunkers” initiative) will be extended until May 31, although the government will cut the bonus for eligible owners from 5 to 50 percent.

A relevant amendment heads to Parliament in the coming days as some 7,000 new vehicles remain stranded at the parking lots at the port of Piraeus’ customs service, given that clearances have stopped since the beginning of the year.

Along with the first amendment, another rider will extend a lower rate clearance period for imported used private vehicles that are compatible with the Euro 5 directive, until at least Dec. 31, 2016.

According to reports, the bonus in the latest vehicle retirement scheme will begin at 250 euros and reach 1,460 euros, as opposed to the previously foreseen 300 to 2,800-euro range – depending on engine size and the objective tax value assigned to each vehicle.