Settling Old Debts: Out-of-Court and 72 Installments – Which Option Suits You Best

Greece is rolling out two key debt relief initiatives for public debtors. The Ministry of Finance has officially launched a program allowing individuals and businesses to settle outstanding public debts in up to 72 installments through the Independent Authority for Public Revenue (AADE).

Adding to these measures, the platform for the Out-of-Court Mechanism is set to begin operations on July 27. This mechanism is designed to offer tailored solutions and benefits, with the specific advantages varying based on the category of debtor and their circumstances. The dual approach aims to provide accessible pathways for those burdened by public debt.

While the 72-installment plan offers a structured repayment schedule, the Out-of-Court Mechanism is expected to provide more customized solutions. The government's move signals an effort to address the persistent issue of public debt and offer tangible relief to a wide range of debtors, acknowledging that a one-size-fits-all approach may not be suitable for all cases.