City's debts reduced by half, Athens mayor says

Athens Mayor Giorgos Kaminis on Thursday said that during his two-term tenure at the helm of the capital's municipal authority he succeeded in reducing its debts by half.

Speaking at a meeting of the municipal council, Kaminis said that when he was first elected in 2011 the authority's debts stood at 210 million euros. By December 31, 2016, this number had dropped to 122 million euros, even though the municipality's budget was reduced by 53 million euros due to sweeping expenditure cuts.

Kaminis also stressed that the City of Athens has no debts to social security funds or tax authorities, reminding that when he took over in 2011, the authority was operating with a deficit of 46.7 million euros.

The official added that an investment program worth 42 million euros is currently under way to improve the quality of life in the Greek capital.