Govt promises installment plan for social security fund arrears coming in Feb.

Friday, 25 January 2019 12:13
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By S. Papapetros

A long-awaited measure to allow 120 installments for paying off arrears to Greece's social security funds, a particularly acute problem for the country's self-employed professionals, will reportedly be tabled by the Tsipras government next month.

Based on widely circulated, but still confirmed, reports, a relevant draft bill will also include the prospect of a "double haircut" of arrears. In other words, a reduction of the initial debt, but also of subsequent fines and interest rates.

The labor ministry, in fact, has mentioned the prospect of a 70 percent "haircut" in some instances.

The initiative is one of several relief measures promised by the poll-trailing Tsipras government amid a year that will see three elections in 2019 -- local government and European Parliament elections in May, as well as general elections. The latter must be held no later than October 2019.

According to ministry sources, institutional creditors' top representatives have already been briefed over the prospect, during talks over the past week.

Conversely, no information was forthcoming, even leaks, on a another government plan to offer an installment plan for arrears to the tax bureau.

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