Main opposition New Democracy (ND) party this week announced its own initiative to tackle the increasingly acute issue of indebted businesses and households in the country, with the highlights being a simplification of an out-of-court process for SMEs, faster judicial review for larger enterprises and a reform of Greece’s antiquated bankruptcy code.
Main opposition New Democracy (ND) party this week announced its own initiative to tackle the increasingly acute issue of indebted businesses and households in the country, with the highlights being a simplification of an out-of-court process for SMEs, faster judicial review for larger enterprises and a reform of Greece’s antiquated bankruptcy code.
Most of ND’s recommendations revolved around proposals previously made by institutional creditors to substantially manage non-performing loans (NPLs) in the country, but also in terms of arrears towards the state (tax bureau, social security funds etc).
The center-right party also called for different criteria to be employed for so-called “strategic defaulters”, as opposed to responsible borrowers.