December 3, 2022

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Debt: 260.96 billion euros, the “red” debt of natural and legal persons in Greece

Written by Yannis Agorides

The private sector causes “problems” for the government’s financial staff religion of the country as it is at a very high level. Although the data so far taxes this year It is repaid, however, questions about continuation are raised, as the global economic situation is becoming more difficult, something that affects Greece.

Therefore, no one can rule out a financial burnout later in the year. cumulatively Red debts for natural and legal persons For tax authorities, insurance funds and banks 260.96 billion euros.

Also read – Public Debt: Worrying About Its Track

Debt to the tax office

According to AADE data, the total overdue balance at the end of July 2022 amounted to 112.6 billion euros, an increase of 3.7 billion euros compared to July 2021. It is characteristic that the total number of debtors to the tax office at the end of July 2022, there is an increase of 741,827 people (natural and legal) compared to the period Corresponding to 2021, resulting in 4,230,900 debtors, as recorded in the report of the Parliamentary Budget Office for the second semester.

The specific increase is found in all categories of debt, while it stems mainly from the two lowest categories, that is, those that include amounts up to 500 euros. In particular, in the above categories of debt, there is a total increase of debtors by 692,413 people compared to the corresponding period of the previous year, which cumulatively brings them to 2,427,795 people, a figure equal to 57.4% of all debtors.

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…a few owe a lot

For further analysis of the new balance overdue for the period 1.12.2021-31.7.2022, a significant increase (by 1.3 billion euros) was found over the corresponding period of the previous year, bringing it to 4.8 billion euros. It is characteristic that most of the new delinquent balance comes from the income tax category (1.3 billion euros) and value-added tax (1.7 billion euros). It should be noted that the new arrears balance is burdened by extreme prices, of which approximately 23% (equivalent to 1.1 billion euros) comes from just 22 debtors.

At the same time, an increase in the total overdue balance was observed on an annual basis in almost all categories of debt, the largest of which comes from debtors with a debt amount of more than 1 million euros (the overdue balance in this category increased by 2.7 billion euros), the number of which increased by 319 people .

It is observed that 80% of the total delinquent balance and only 0.2% of the debtors are concentrated in this particular category of debt. In increasing the overdue balance in the debt range by more than one million euros, the contribution of legal entities is significant, as the debts arising from them increased by 2.3 billion euros year on year.

It is indicated that 73% of the debt in the specified debt range comes from legal entities, and the arrears balance amounted to 65.8 billion euros at the end of July 2022. Accordingly, the number of legal entities owing more than 1 million euros reached 5,407, increasing on an annual basis by 203 legal entities.

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The picture in insurance funds

At the same time, as recorded in KEAO’s second quarterly progress report 2022, overdue insurance debt at the end of June 2022 totaled €43.4 billion, an increase of €590.4 million over the previous quarter. This increase comes from an increase in principal debt (by €180 million) and additional fees (by €410.4 million).

On an annual basis, the number of records of debtors increased by 439,201, resulting in the composition of the total number of records with debts on insurance funds at the end of the second quarter of 2022 at 2,392,558 records.

An increase in the number of records is shown in all categories of debt, with the largest observed for debts between 10,000 and 100,000 euros (by 161,059 records). In addition, there is an increase in total debt of about €5.4 billion compared to the corresponding period of the previous year, due to both an increase in the main debt (by €3.7 billion) and additional fees (an increase of €1.7 billion).

In more detail, an increase was observed in all major categories of debt, with the largest (with 1.8 billion euros) in the debt range between 10,000 and 100,000 euros, where 44.4% of debts accumulate.

‘red loans

Citizens also have debts to banks and trusts. Characteristically, the face value of red loans managed by EDADP exceeded €89.96 billion in the second quarter of the year, according to the latest available data from the Bank of Greece.

Also, the “red loans” currently managed by banks are close to 15 billion euros, according to the information, while the goal is to “reduce” nearly 10 billion euros by the end of the year.

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