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Greek Debt Forgiveness Program Generates 147 Million Euros

Greece has gained approximately 147 million euros through a debt forgiveness program, created to assist the nation's treasury, according to Finance Ministry delegates today.

The Finance Ministry stated that more than 150,000 private persons and businesses have stepped up to repay the total or a portion of owed revenues, beginning from the 1970s. The Finance Ministry stated that under normal conditions, paying back these types of capital, "is close to zero."

About 58,000 individuals have repaid anywhere between 50 to 100 euros to be included in the program, which eliminates accumulated fines and interests. The debt forgiveness program has been met with disapprovals by the country's global creditors, however the Hellenic governmental administration believes that it will positively aid its budget. In total, Greece is out 76 billion euros in outstanding taxes and social insurance inputs.

(Source: AFP)