Third municipality in Greece to declare bankruptcy

4 August 2016
702 Views

A third municipality in Greece is headed for bankruptcy, and specifically the municipality of Acharnes, to the northwest of central Athens.

Despite cuts and efforts to raise revenues, the municipality still showed a deficit of 10.27 million euros on its books.

Acharnes follows the municipality of Salamina, on the eponymous island near the greater Athens area, as well as the municipality of Faistos, on Crete, into being forced to declare bankruptcy.

The development comes after a refusal by the state-run Deposit and Loans Fund to extend another line of credit to the municipality.

In the initial phase, the municipality’s non-elastic expenditures will be funded through a special reserve fund operated by a relevant ministry for such cases, while the municipal budget’s execution also passes to the ministry’s control.

Expected measures, similar to the ones taken on Salamina, include an increase in municipal fees – the hike was 50 percent on the island – the transfer of staff to other posts in the wider public sector and mergers, where possible, of legal entities run by the municipality.

You may be interested

Greece is a place where you can touch history, US Ambassador Pyatt says
DEFENCE
shares18 views
DEFENCE
shares18 views

Greece is a place where you can touch history, US Ambassador Pyatt says

Panos - Jun 14, 2021

"If I had to choose something from Greece, this would not be a specific place but a ... thing. It…

Where Europeans Get To Work From Home (infographic)
WORLD
shares25 views
WORLD
shares25 views

Where Europeans Get To Work From Home (infographic)

Panos - Jun 14, 2021

The social distancing measures introduced in response to the Covid-19 pandemic has forced many people to work from home and…

How many earths/resources needed if people lived like these countries (infographic)
GREECE
shares16 views
GREECE
shares16 views

How many earths/resources needed if people lived like these countries (infographic)

Panos - Jun 14, 2021

The world celebrated Earth Day last week, and if the citizens of the world lived like those of the United…

Leave a Comment

Your email address will not be published.