Debt relief

Because of Greece's bankruptcy, the stereotype prevailed that all salaries in the public sector are a waste that serve clientelistic purposes. Thus, the salaries and status of civil servants ended up impermissibly low.

A total of €2.65 billion in private debt to banks - or, more accurately, to the recovery funds that bought delinquent loans from banks - and the state has been settled so far this year outside the courts, through 7,257 cases, the Ministry of Finance announced.

Of those, 931 settlements worth €400 million were made in July alone, the ministry added.

The COVID-19 pandemic, the cost-of-living crisis and the war in Ukraine have pushed 165 million people into poverty since 2020, the United Nations has said, calling for a pause in debt repayments for developing countries.

From the ashes of World War II, three institutions were created as linchpins of a new global order. Now, in an unusual move, the top official in one — the secretary-general of the United Nations — is pressing for major changes in the other two.

The European Stability Mechanism (ESM) on Monday announced the completion of the eighth transfer of income earned by central banks on holdings of SMPs and ANFAs to Greece, worth approximately 603 million euros, as part of a debt-relief package.

Bankruptcy applications, based on Law 4818/2021, are coming thick and fast from individuals with or without commercial activity, as they are unable to repay their debts to banks and insurance funds.

After Microsoft announced it would spend tens of billions of dollars to buy a video game company, World Bank President David Malpass on Jan. 19 drew a contrast between the deal and the amount of money rich nations have pledged to help poor countries facing higher debt loads.

As retail stores opened their doors to customers again on Monday, after nearly two-and-a-half months, about a third are fretting that a third lockdown could prove fatal.

The poor countries "will take the hardest hit, especially ones that were already heavily indebted before the crisis," said David Malpass, World Bank chief.

The Council of Ministers approved the participation of the Republic of Bulgaria in the International Monetary Fund (IMF) initiative to raise funds to settle Somalia's debt to the IMF, amounting to EUR 242 million.

The amount with which Bulgaria will join is amounting to 1.48 million SDR (special drawing rights)