State’s third-party debts shrink in November, but still high

The Greek state’s debts to third parties like goods and services suppliers shrank by 727 million euros in November compared with October, according to Finance Ministry data.

The arrears decreased from 6.3 billion euros to 5.6 billion euros, yet remain particularly high given that Greece received 1.8 billion euros in June from the European Stability Mechanism (ESM) to settle its debts and borrowed another 1.7 billion euros in late October.

According to the Finance Ministry, by end-November, the state’s debts were shaped as follows:

• Social security organizations owed 2.37 billion euros from 2.7 billion euros in October and at the start of 2016.

• Hospitals owed 758 million euros from 987 million euros in October and 931 million euros at the start of 2016.

• Ministries and the agencies they supervise built up arrears of 280 million euros from 238 million euros in October.

• Local authorities made some progress, with debts of 358 million euros in November from 366 million euros the previous month.

• State-owned legal entities also contained their arrears to 393 million euros in November from 411 million in September.

• Pending tax returns came to 1.4 billion euros in November from 1.6 billion in September and from 1.2 billion euros at the start of 2016.