The Finance Ministry has set three main priorities for the autumn, with the recovery of the investment grade rating by the end of the year being the most important one. These priorities concern the tax bill, the legislative regulation for debt servicers and the rationalization of the Greek banking system.
According to National Economy and Finance Ministry Kostis Hatzidakis, the legislative regulation for debt servicers will define a framework of rules and obligations. They will have the obligation to keep and provide personalized information to the debtors about their total debt, the installments due, the interest rate and other related information. Based on this framework, penalties will be imposed when they do not provide clear and timely information to debtors.
In the banking system, according to the Finance Minister, one of the main challenges is closing the gap between lending and deposit interest rates, through initiatives that will strengthen competition.
Another challenge is dealing with the issue of bad loans. Meanwhile, new improvements to the out-of-court mechanism are being examined, so that the procedures are less bureaucratic and faster for the benefit of all parties involved.
In addition, the ministry is planning to make the best use of the state’ properties.