Govt to present creditors with plan allowing big 'haircut', instalments for self-employed professionals' arrears to funds

Saturday, 12 January 2019 20:51

A new installment plan allowing self-employed professionals in Greece the opportunity to repay arrears to social insurance funds, as well as a distinct possibility for major "haircuts" of debts, is expected to be unveiled over the coming period, a joint initiative by the finance and labor ministries.

The plan, according to reports, affects self-employed professionals that are not eligible for the current out-of-court settlement process. Possible "haircuts" affect the initial debt, as well as subsequently imposed penalties, fines and interest rates.

In terms of the installment plan, up to 120 months for repayment is envisioned.

The details are expected to be discussed with representatives of creditors, which will return for a quarterly post-bailout "enhanced supervision" on Jan. 21.

Based on the labor and social insurances ministry's estimates, some 950,000 people in the country fall into the category that the initiative is expected to benefit.

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