Five new bills for market regulation are being prepared currently by the Ministry of Development. The measures are a part of PASOK’s program for bringing the Greek economy back to life and aim at facilitating households and small and medium enterprises.
A record number of bad checks have entered the market during the last year to the value of nearly €3b. In addition, the number of enterprises and physical persons that are not able to meet their credit obligation is also growing.
The measures designed to increase the liquidity consist of extending deadlines for obligations towards banks (taxes and credit cards), as well as of giving an opportunity for reinvesting under specific circumstances.
The reinvestment plan will be accomplished with the help of the Mutual Aid Fund of the small and medium enterprises, created through a European Union program. The innovations will only be applied if the property of the debtor is at stake, as explained by Minister Luka Katseli, who made it clear that the goal is not to encourage the disloyal insolvent entrepreneurs.
New procedures for facilitating the consumer are also planned. Lately, unfounded interest capitalizing by some banks has been observed, making it difficult for the ordinary consumer to cover his/her obligations. “We prohibit the double-interest and the various tricks used to blow-up the expenses on loans making credits even more expensive,” said Katseli on a meeting with journalists Thursday night.
The bills also include simplified procedures for issuing permissions for the establishment of new enterprises and firms. The current law consists of 14 to 18 different obligatory procedures for creating a new business, while after the reformations these will be cut down to 4.
The modernizing of the industrial equipment and increasing competitiveness of the Greek industry are another main priority in the government’s development program. The establishment of a commission fighting with monopoly is also planned in order to allow correct price formation regarding basic-need products.
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