Online debt settlement available from Tuesday

Greek debt

The new out-of-court mechanism is launched on Tuesday, giving citizens the possibility of repaying debts with up to 240 installments against all their creditors (public and private entities) and under conditions, up to 420 installments to banks.

A capital haircut is also provided if this is decided by an agreement between the parties.

The settlement will now be made automatically, ie without the intervention of an employee, without cost and bureaucracy, but with the use of an algorithm through the computer.

"This system will help thousands of our fellow citizens, who have been trapped in their private debt for years," Minister of Development and Investments Adonis Georgiadis said on Monday.

"It is a revolutionary system," he added.

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