The government has devised a new settlement for outstanding debts towards the State, in an effort to collect some of the 76 billion euros it is owed by about 3,670,000 taxpayers and 447,000 SMEs.

The settlement, which will be presented at today’s Eurogroup, will essentially work on “two speeds” and will offer bonus discounts to consistent taxpayers. The settlement will also make it easier for unemployed taxpayers to pay back some of their debts. According to the Ministry of Finances, the State can probably collect about 10 billion euros of these debts at present.

Of the 76 billion euros which the Greek state is owed, a remarkable 45.4 billion euros was accumulated after 2010, with the onset of the financial crisis in Greece, with 3,174,000 – the vast majority of indebted taxpayers – owing up to 3,000 euros. As such, the Ministry of Finances wants to provide concessions so that they may pay both their initial debts and surcharges.

According to the draft plans presented by Alternate Finance Minister Nantia Valavani, taxpayers who pay off the entirety of their initial debts in a lump sum will be exempt from surcharges, while another settlement will allow taxpayers to pay their debts in up to 100 installments, with a 30% discount on the surcharges. The minimum payable installment will be 20 euros per month. Consistent taxpayers will receive a 10% discount.

However, should a tax-payer miss a single payment in 2015 or two payments in 2016, then they will not be covered by the settlement anymore and may face foreclosures and criminal prosecution, in accordance with the law. The details of the government’s tax settlement will be discussed at today’s Eurogroup.