State entities slow in debt repayment

17 September 2016
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The pace of state debt repayment was particularly slow in July, as the Finance Ministry reported on Friday that although it has approved the disbursement of 1.6 billion euros to various state entities to pay off their expired debts to their suppliers, those entities paid no more than just 440 million euros.

The official data for July show that the state mechanism was unable to respond promptly to the collection of 1.8 billion euros from the country’s creditors for the repayment of expired debts. The state entities utilized just over a quarter of that, while the market is in desperate need of cash and is owed billions by the state.

For instance, state hospitals had debts to their suppliers amounting to 1.1 billion euros. They received credit of 579.8 million euros from the ministry, but channeled just 64.9 million of that into the market. National healthcare provider EOPYY had debts of 1.9 billion euros, received 270 million and did not pay out a single euro.

The ministry noted that part of the expired debts the funds have been disbursed will be offset by debts to the state.

Still, sources from the ministry say that the flow of payments was considerably improved in August, and that the amount to have reached the suppliers last month was around 1.4 billion euros.

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