Greece's New EFKA Debt Plan Creates Triple Burden for Borrowers

Kathimerini, a leading Greek newspaper, reports on a new, demanding repayment scheme for debtors of the EFKA social security fund. The article highlights the significant financial strain this will place on approximately 1.5 million individuals struggling with overdue payments.

The core issue is the complexity of the repayment structure. Debtors entering the new 72-installment plan must simultaneously manage payments for their existing 24-installment plan (for more recent debts) and their current insurance contributions. This creates a triple financial obligation each month, a burden the article suggests could make maintaining the plan difficult.

Furthermore, the article points to a high interest rate of nearly 5.5% and the absence of significant write-offs for surcharges, which increase the overall cost of servicing the debt. The strict conditions for remaining in the plan, including the loss of the arrangement after just two missed payments, are also criticized as overly harsh. Kathimerini emphasizes that this complex and costly arrangement raises serious doubts about its viability for many struggling Greeks.