Small and Medium-Sized Enterprises (SME) are expected to be given breaks with substantial cutbacks to loans, taxation and insurance obligations in a draft law that is the result of deliberations between the Ministry of Development with the troika of Greece’s international creditors from the European Commission, European Central Bank and International Monetary Fund.

Key areas include slashes to capital interest rates of up to 50% under certain circumstances provided that the obligations to credit institutions do not surpass 500,000 euros. Loan repayments can be made over a 10-year time frame with a grace period of up to 12 months.

Another important change includes the suspension of criminal prosecution following the issuance of bounced checks with plans for payment extensions.