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Instead of collecting cash receipts the Greeks will soon get cards to record purchases. These will be electronic cards and will be compatible with the existing technological equipment on the market for credit and debit cards. Instead of collecting cash receipts from any commercial operation, it will be recorded electronically on the name and the national statistic number of each citizen. It is expected new cash registers to be installed in commercial sites that will be directly connected with the banking system and the database of the Ministry of Finance. The innovations will facilitate accountability of the market movement and the government will have timely and updated information on VAT collected revenue. The Ministry of Finance is still discussing the ways to implement the changes and the Minister of Finance George Papakonstantinou has not specified the final date for their introduction.

It was decided in a formal meeting between George Papakonstantinou, the Minister of Regional Development and Competitiveness Michalis Chrysochoidis and representatives of the Union of Greek Bankers a new institution to be formed which will replace the current fund for small and medium companies support. According to the government representatives this transformation is importan as the new business development fund will provide bank guarantees for the companies in the country and it will grant preferential loans to increase liquidity in the market. The bank will use EU money in compliance with ESPA and it is expected two billion euros to be used by the end of 2011. The total budget of the new institution is estimated to infuse six billion euros in the Greek economy by 2014.

Bankers and the government announced not only the formation of the new business development fund but the signing of the liquidity contract too. The government will try to ensure through it that the funding that Greek banks will receive as a result of the government guarantee bonds of € 25 billion will be used to credit the local economy and the Greek households. The president of the National Bank of Greece and the Union of Greek Banks Vassilis Rapanos stated that the financial institutions in the country are ready to fully support the government in its efforts to enhance market liquidity. He assured that the banking system in Greece is in excellent condition, which the stress test during the summer has also proved, and if there is a decline in consumption, it is because of the economic crisis.

The government also required the banks to pay special attention to companies and sole proprietors that need funding to repay obligations to the state. Papakonstantinou said the preferential credits after the programs for supporting enterprises in financial difficulties will be granted with the guarantees of the bank for support of small and medium enterprises. These credits can also be used to repay obligations incurred by the upcoming tax amnesty, which the government plans to enforce through a law until the end of this week. The Minister of Finance George Papakonstantinou paid particular attention to the changes in tax legislation under which all registered companies and enterprises should open a corporate account (if they haven’t) after January 1, 2011 so that all payments above € 1,500 be done electronically. He urged the banks in the country to facilitate the procedures for the opening of transfer accounts to facilitate the introduction of tax reform.