The Labor Ministry’s new settlement of arrears to the social security funds has been rendered a great success following the amount of interest shown and the amounts settled with the Social Securty Debt Collection Center (KEAO).

The first 10 days of implementation of the settlement led to 8,579 applications for the settlement of debts that total over 229 million euros. So far, 10,797,168 euros have been gathered, while KEAO had collected a total of 270,623,729 euros since it was set up until the end of October.

Labor Minister Yiannis Vroutsis said that the measure was successful due to the simpler procedures implemented and the fact that debtors are given the chance to immediately settle their debts. He termed the new settlement as “generous” noting that it rewarded solvent citizens who pay their debts to the state.

Eight out of 10 debts included in the scheme until the end of October were for debts prior to 2009. “This percentage shows that today we are managing the consequences of inconsistency and the price of irresponsibility, which developed mainly during the period of ‘prosperity,” said Mr. Vroutsis.