Debt
Servicers seek ‘ghost’ debtors
Debt management companies are diving into the hard core of the private debt owed to banks and, mainly, funds that have bought the bad loans, and have so far succeeded in streamlining loans amounting to approximately 10.3 billion euros out of the total of €98 billion they undertook to be managed, with an emphasis on those from 2021 onwards.
- Read more about Servicers seek ‘ghost’ debtors
- Log in to post comments
Bulgaria Ranks 35th in Global Wealth, Household Financial Assets Up 5.8% in 2023
Bulgaria ranks 35th in the 2023 list of the wealthiest countries, with net financial assets per capita amounting to 16,410 euros. The Global Wealth Report, released by Allianz, highlights a notable increase in global financial assets of private households, which rose by 7.6%, offsetting a previous decline of 3.5%.
Moody’s upgrades Eurobank’s, National’s outlook
Credit ratings agency Moody's changed Eurobank's and National Bank's outlook for their Baa2 senior unsecured debt and long-term deposit ratings to positive from stable, "following the outlook change to positive from stable in the Government of Greece's Ba1 issuer rating."
Moody's is the only one among major credit ratings agencies that has not given Greece's debt an investment grade.
- Read more about Moody’s upgrades Eurobank’s, National’s outlook
- Log in to post comments
Is a Moody’s upgrade essential?
The Public Debt Management Agency (PDMA) has already drawn from markets €8.7 billion out of the planned €10 billion through bond issues. Thus, another issue is still a possibility, although several experts caution this is not necessary, and that the outstanding amount can be easily covered via the three planned reissuances.
- Read more about Is a Moody’s upgrade essential?
- Log in to post comments
New assessments of Greece’s debt rating begin in September
A new round of ratings assessments for Greece's debt will begin in September. DBRS will start on September 6, followed, a week later, by Moody's, the only one of the credit rating agencies that has not bestowed an "investment grade" rating on Greece.
Positive incentives
The "favorable arrangements" announced by governments always concern those who have not been consistent with their obligations toward the state and need a second chance. The state is doing well to grant it to them.
- Read more about Positive incentives
- Log in to post comments
Hint of future debts can spur tax officials to action
Debtors to the state should have a reason to worry. Tax authorities are not only ready to pounce regarding existing debt, by freezing bank accounts and garnishing wages, but will also move against people with the potential not to pay their direct or indirect taxes.
Consumer loans’ comeback
Consumer credit had been expanding at a 30% clip during the first half of the year, boosted by strong consumer demand and car sales, up 6.5% during the first six months of 2024.
Bank data show that disbursements of consumer loans nearly reached €650 million during the first half compared to €500 million during the same period in 2023.
- Read more about Consumer loans’ comeback
- Log in to post comments
The major debtors to the State: Famous names and ghosts from the past owe €123 billion in taxes
Analysis of the €123 Billion Debt
According to lists released by the Independent Authority for Public Revenue (AADE) a few days ago, the debts of individuals and legal entities to the State and EFKA amount to €123 billion. These are debts from so-called major debtors, those who owe over €150,000 and whose payments are delayed by more than a year.
Over 500 million debts out of court settlements in July – 357 million arrangements
The upward pace of the out-of-court settlement mechanism continued, leading to a new record of 1,952 settlements for July, corresponding to €518 million in debts, according to a statement from the Ministry of National Economy and Finance.