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Troika vs Greek FinMin: 100 installments for debts to tax office; do the maths…

After a planning that lasted several months,, Greek Finance Ministry set the guidelines for debtors to the the tax and customs offices. “Outstanding debts can be paid back in 72 or 100 installments,” mainstream media herald adding that “this is a big gift by the General Secretary of Revenues” to the debt-ridden Greeks. The regulation refers to companies and natural persons and aims to bring hot euros to the revenues-seeking state of a country where the over-taxation and high unemployment has pushed thousands of households into poverty and inability to meet even their basic needs.

Specifically, debtors can do the settlement with the tax office as follows:

– debts (basic debt) up to 15,000 euro may be paid in 100 installments.

– debts from  €15,000 to 1,000,000 can be paid in 72 installments.

– if debtor picks up fewer installments to pay his debts discounts are due.

-Interest rate charged on settled debt is 4.56% per year.

*** Minimum amount for installment must be 50 per month.

Deadline for debtors to submit their debt-installments-settlement request is the 30th March 2015. Immediately after that, he has to pay the first installment.

In its generosity, the Greek Finance Ministry also enables taxpayers to proceed with payment installments concerning the Unified Property Tax (ENFIA) 2014 and the rest of the installments for income tax of the current year.

If the debtor fails to come up with his new settlement obligation the settlement becomes “invalid”.


1) So supposedly you have outstanding  ENFIA of 600 euro and go for settlement : 50 euro / installment = 12 installments = 12 months. How about the ENFIA of 2015, 2016 , 2017, 2018….?

2) Supposedly you have outstanding debt €15,000 and go for 100-istallment settlement. You will have to pay €150 per month for the next 8 years!

3) Supposedly your debt is €5,000  with the 100-istallment settlement you will have to pay €50 per month for the next 8 years.

4) Supposedly you have a debt of €30,000. You have to go for the 72-istallment settlement and pay €416 per month for the next 6 years.

4) Supposedly you have a debt of €6,000 and you are unemployed or pensioner 80+ years old. Then blessed by your children and grandchildren 🙂

At odds with the Troika

Nevertheless, the Troika vehemently opposed this 100-installment settlement in the usual theoretical  logic that

if one can pay €50 per month, he certainly can pay also €70 – example of 5000-euro debt

Now the Troika is offended and threatens to come back to Greece and proceed with the new review “once the Greeks have made proven progress” (so Mina Andreeva, deputy chif spokeswoman of EU Commission) and handed FinMin Gkikas Chardouvelis a list with 19 commandments – or  “reforms” – the Greek government has to have fulfilled until next Eurogroup, December 8th, 2014.

Some of the 19 commandments are:

  • covering a fiscal gap for 2015 that the troika puts at 2.6 billion euros
  • reducing the number of installments in which debtors can honor their dues
  • pushing through a second phase of pension reform
  • completing an overhaul of the tax administration system plans for the restructuring of Greek public utility companies
  • legislation in view of the liberalization of the natural gas market.
  • an across-the-board wage structure for public sector employees (ekathimerini)

Athens News Agency reported citing sources in Brussels that the Troika would visit Athens most likely over the next weekend.

PS Sunday Tea with the Troika? No, thanks!

More details on installments regulations here (in Greek)

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