Labour, Social Security and Welfare Minister Giannis Vroutsis issued a circular stating that social insurance funds applications for the settlement of overdue debts will be available on Thursday. This means that debts can be settled in as many as 100 installments at a reduced interest rate of 4.56% from January 1, 2013. The new regulation also gives discounts for fines, compound interest and other charges depending on whether the debt is paid as a lump sum or in 100 installments.

Submissions can be made until the end of March 2014. Once the application is made, installments need to be paid by the 21st of every month or the next working day when the 21st falls on a weekend.

The debt settlement dissolves if the debtor fails to pay contributions or debt installments.

The new regulation also allows for the offsetting of VAT and tax returns with social insurance contributions.