Bad debts are drowning households and businesses

As the pandemic continues to manifest itself “in all its glory” and the economy remains in the shadows, debt continues to stifle households and businesses.

Indicative data from the Independent Tax Office, according to which taxpayers left a total of 4.385 billion euros in unpaid taxes in the 10 months from January to October, while they increased by 627 million euros in October alone.

At the same time, 4,292,632 taxpayers did not pay off their obligations to the tax inspectorate, and this is a very large increase compared to September, when the number of debtors amounted to 3,656,672. The percentage of non-payers increased by 17.39%.

New arrears fell 31.54% in October 2021 compared to the corresponding month in 2020, according to AADE. In particular, the total amount of debt was 713 million euros, compared with 1.041 billion euros in the corresponding month last year.

For the period January to October 2021, new arrears amounted to € 4.872 billion, compared with € 4.939 billion in the corresponding period in 2020, showing a decrease of 1.35%.

The total amount of arrears at the end of October 2021 was 109.825 billion euros, compared with 109.416 billion euros in September of the same year, an increase of 0.37%.

Bad debt (without the ability to collect debt from individuals and businesses) in October 2021 amounted to 24.990 billion euros compared to 24.878 billion euros a month ago, which means a slight increase of 0.45%.

Real arrears in October 2021 amounted to 84.834 billion euros, compared with 84.537 billion euros, an increase of 0.35%.

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