An impressive rise was recorded in May in the initiation of applications to the out-of-court mechanism, reaching 10,870, more than double the average of previous months, with a percentage increase of 145%, according to the Ministry of National Economy and Finance.

According to the same announcement, this significant increase reflects the higher interest in joining the improved platform of the out-of-court debt settlement mechanism, which after the changes introduced, now covers the middle class.

At the same time, a six-month record was achieved in new regulations in May, reaching 1,672 and corresponding to initial debts of 602.7 million euros. Similarly, a six-month record was also recorded in the number of new applications submitted, reaching 3,460. To date, the total number of successful arrangements amounts to 36,572 and the total value of arranged debts reaches 12.17 billion euros.
The Minister of National Economy and Finance Kyriakos Pierrakakis stated:

"It is more than evident, as proven by the latest official data, that the improvements to the out-of-court mechanism platform are receiving a positive response from middle-class debtors and are exceedingly effective. In May, the first month of operation of the platform with the new expanded income and asset limits, a historic record was recorded in the initiation of applications for regulation. At the same time, the total number of regulations reached a new high. The mechanism is evolving into the strongest tool for protecting citizens and their assets."