Economy · Greece
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21 July
The platform for the new extrajudicial mechanism will officially begin operations on July 27.
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Generated by AI from the 11 sources below · always verify with the originals
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Starting July 27, 2026, a new out-of-court debt settlement mechanism will become operational in Greece, allowing small debtors to manage debts starting from €5,000 through a digital platform managed by the General Secretariat of Financial Sector and Private Debt Management. This initiative aims to assist up to one million debtors, including households and small businesses.
The new system enables participants to arrange repayments over a period of up to 420 installments and offers the possibility of debt reduction or "haircuts" on amounts owed to banks and financial institutions. Additionally, those enrolled in the program will benefit from a temporary freeze on asset seizures and enforcement actions, providing them with a crucial opportunity to stabilize their financial situations.
Reportedly, the introduction of this mechanism aims to extend support previously reserved for larger debtor profiles to include smaller ones, thereby enhancing financial relief options nationwide. The program is designed to help individuals and businesses restructure their debts while safeguarding their assets.
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