Arrears to Greek state expected to exceed 100 bln€ in 2017

3 January 2017
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An increase of arrears to the state continues unabated despite accelerated rates of confiscations and seizures of debtors’ bank accounts, incomes and other assets in 2016 by the independent authority for public revenues.

Another 890 million euros were added to the total in November 2016, with the latter now reaching the stratospheric level of 94 billion euros, with the number of debtors — legal entities and individuals — exceeding 4.31 million.

During the same month court-ordered seizures in favor of the state exceeded 22,400.

The rate of increase of arrears points to the prospect of the total exceeding 100 billion euros in the first trimester of 2017, and reaching 60 percent of Greek GDP by the end of the year.

According to the latest figures issued by the independent authority — itself the product of creditors’ demands, as stipulated in the third bailout memorandum signed by the current government — arrears involving back taxes now reach 54 percent of Greece’s GDP, another figure that has shrunk by one quarter since the advent of the economic crisis in 2010.
2016 was a disappointing year in terms of overall increases in arrears to the state, with 12.628 billion euros added to the outstanding total over the first nine months of the year.

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