The Greek Finance Ministry has set three main economic priorities for the autumn, with the recovery of the investment grade rating by the end of the year being the most important. These priorities concern the tax bill, the legislative regulation for debt servicers and the rationalisation of the Greek banking system.
According to National Economy and Finance Ministry Kostis Hatzidakis, the legislative regulation for debt servicers will define a framework of rules and obligations.
They will be responsible for keeping and providing personalised information to the debtors about their total debt, the instalments due, the interest rate and other related information. Based on this framework, penalties will be imposed when they do not provide clear and timely information to debtors.
According to the Finance Minister, one of the main challenges in the banking system is closing the gap between lending and deposit interest rates through initiatives that will strengthen competition.
Another challenge is dealing with the issue of bad loans. Meanwhile, new improvements to the out-of-court mechanism are being examined to make the procedures less bureaucratic and faster for all parties involved.
In addition, the ministry plans to make the best use of the state's properties.
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