Greek state delays payment of outstanding debts by about five months

Despite having introduced legislation stating that the Greek state must pay its debts within 30 days, the delays can exceed five months, causing many domestic businesses to suffer from a lack of fund.

According a report in Ta Nea, these significant delays have put an incredible amount of pressure on domestic businesses as they are unable to function and are resorting to job retention. The Greek state’s outstanding debts in May were estimated to be 5 billion euros.

European Commission data shows that the average delay in paying off debts for Greece is 155 days, second only to Italy with an average 165-day delay and ahead of Spain with 154 days. The EU average is 58 days.