Pressure on debtors is growing

The noose is tightening around state and bank debtors, as the tax administration is getting ready to carry out asset confiscations and repossessions from some 1.6 million taxpayers by the end of the year, while banks are gearing up for a wave of property auctions that will be allowed following notaries' decision to that end.

Independent Authority for Public Revenue data show that confiscations of assets in the hands of third parties (such as tapping debtors' deposits at banks) have proved particularly effective, accounting for 95.7 percent of forced collection measures last year.

Figures this year reveal that on a daily basis there are more than 530 confiscations from and freezing orders for bank accounts, which has created huge problems for households and businesses that are unable to meet their obligations. Given the latest increases in taxes and social security...