Bankruptcy

Handouts over the next four years, tax and social security debt settlements, and one more market foray, probably between May 9-16, will be at the focus of the government's agenda for the next few weeks leading up to the May 26 European elections.

Handouts over the next four years, tax and social security debt settlements, and one more market foray, probably between May 9-16, will be at the focus of the government's agenda for the next few weeks leading up to the May 26 European elections.

The first four months of the year saw fewer companies closing but also fewer new enterprises being set up, a development linked to a hesitant stance from business people ahead of political developments this year.

The platform for applying for a debt settlement program for contributions to social security funds will open before Easter, i.e. during this month, and will remain open up to September 30.

The US Bankruptcy Court for the Southern District of New York has approved Aegean Marine Petroleum's reorganisation plan following the company's filing for Chapter 11 protection under US bankruptcy law.

The plan is the product of extensive negotiations between Aegean Marine Petroleum and a large number of its creditors.

A new European directive recommends that Member States start implementing the debt-forgiving regulations - a bankruptcy procedure, not only for companies but also for citizens - as soon as possible.

In fact, Bulgaria is the only country in the EU where no personal bankruptcy mechanism has yet been put in place and, unlike business, consumers are becoming life-long debtors.

Opportunistic demagoguery and pledges that ignore the economic realities and the results of negotiations with creditors are an inextricable part of SYRIZA's profile.

Despite the defeats that it suffered and its political acrobatics that had painful consequences for the country, they continue to repeat their old tactics.

The government is preparing a new bill aimed at tackling the entire set of debts to the tax authorities, social security funds and local authorities.

Offices, stores, industrial plants and even plots of land worth millions of euros form part of the property portfolios banks have obtained through streamlining agreements with overindebted corporations in the real estate sector as well as many others. The banks now intend to put them on the market in the next few months.

State Minister Alekos Flambouraris, representatives of the Hellenic Bank Association, and the CEO's of Greece's four systemic banks finalised details of the new framework for the protection of debtors' primary residence from foreclosure.