Out-of-court Debt Settlement Mechanism Has Rescued 1,600 Businesses from Bankruptcy

"The out-of-court debt settlement mechanism has rescued 1,600 businesses from bankruptcy and will rescue thousands of others," the special secretary for private debt management, Fotis Kourmoussis, said on Tuesday in an interview with the Athens-Macedonian News Agency (ANA).

"These small businesses that have used the out-of-court debt settlement mechanism would have shut down and gone bankrupt if it did not exist. And in their wake they would have left debts, unemployed people and unpaid suppliers," Kourmoussis said, adding that this will give a breather to economy.

He also said that a lot of companies have expressed interest in using the mechanism.