The troubles of Greek business owners have long been documented, in light of the crisis.
Especially those who are obliged to go bankrupt have been trapped in a state of constant tax and fiscal limbo for many years.
Now, the European Commission has allowed them to breath a sigh of relief. According to a directive proposed on Tuesday by the European Commission provides entrepreneurs who go bankrupt will be completely relieved of their debts after a maximum period of three years.
Apart from giving them a second chance, the directive proposal also aims to accelerate bankruptcy and restructuring procedures, as Greece ranks 23rd among the European Union’s 28 member-states in the efficiency of bankruptcy procedures.
The average time of completion is three-and-a-half years in Greece, against an EU average of two years.