Greece

Abstract

Moreover, Article 61 of law 4307/2014 introduced for a limited time period (ie for applications filed until 30.09.2016) an emergency out-of court-workout providing a combination of tax incentives and public debt relief to qualifying debtors and financing institutions that enter into write off and rescheduling agreements (provided that the write off is either at least 50% of the outstanding balance or, if less, sufficient to restore a debt to assets ratio of at least 75%). For a number of reasons these provisions have been ignored in practice, and the issue of an out-of-court workout framework is once again a matter of negotiations between the Greek government and theforeign institutional lenders of Greece.