Greece to extend public debt repayment to 120 installments

The Greek Ministry of National Economy and Finance is preparing a new regulation to extend the repayment period for outstanding debts to the Independent Authority for Public Revenue (AADE) and social security funds (EFKA/KEAO). Minister Kyriakos Pierrakakis is expected to submit a provision to Parliament in October to increase the maximum number of installments from 72 to 120.

The new scheme, expected to launch in mid-November, will allow for a repayment period of up to ten years. This change could reduce monthly payments by up to 40% compared to the current 72-installment plan, with minimum monthly installments starting at 30 euros. The deadline for applications has been extended until mid-2027.

Individuals currently enrolled in the 72-installment plan will have the option to transition to the 120-installment plan by submitting a new electronic application. This measure aims to provide financial relief, prevent seizures, and unfreeze bank accounts for hundreds of thousands of debtors.