The countdown is on for reforms to the plan for debt settlement in 100 instalments for 1.1 million people. The main changes include a reduction in the number of instalments and an increase to the interest rates.

There’s a possibility that there may be 5.05% interest rate hikes regardless of debt resettlement to insurance funds with an additional burden worth 344 euros per year likely.

The first memo has already been sent and lays the groundwork for the pilot operation of funds. It has already been sent to Greece’s Social Security Organization (IKA) with debt payments required by November 30.

People who have entered the debt settlement are already charged up to 28.73 euros per month for debts up to 50,000 euros, reports Greek daily newspaper Eleftheros Typos. Those who have arranged a settlement in 12 instalments only pay 3 to 70 euros with interest-free settlements for debts of up to 5,000 euros.