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Outstanding Debts Damage Greek Economy

overdue debt'The debts of individuals, households and businesses to the Greek state during the first five months of 2014 have increased dramatically. It is estimated that debts to the state are rising at the rate of 1 billion per month while debts to banks and social security funds amount to 159 billion euros or 87% of GDP.
The Greek government is expected to present these alarming figures to the Troika, during its visit to Greece in the middle of July. The government’s economic team will negotiate with the country’s foreign lenders a new settlement for debts to the state and the security funds as well as a plan of the Bank of Greece for the regulation of banking loans to businesses and households.
According to official figures, the amount of overdue debts to the state on May 31, 2014 reached 66.4 billion euros, “red” loans amounted to 77 billion euros while overdue debts to social security funds are estimated at 15.5 billion euros.

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