Greece Launches New Restructuring Process for Over-Indebted Enterprises

ATHENS — The Greek government on March 1 launched a new restructuring process for over-indebted enterprises, offering the opportunity to both enterprises and the self-employed to settle their debts and continue their business activity, the finance ministry said in an announcement on Thursday.

The restructuring process has three steps: first, the drafting of a report by an expert and a plan on the restructuring of debt; second, evaluation of the expert's report and approval of the restructuring plan by creditors; and third, ratification of the restructuring agreement by court.

If an enterprise faces non-reversible sustainability problems and cannot be included in the restructuring process, then it will have to follow the second-chance process leading to a full write-off of debt and the liquidation of its assets. This process offers the boards of these enterprises exemption from debt if they did not act with deceit.


ATHENS - After saying a Value Added Tax (VAT) on food as high as 24 percent couldn’t be reduced because it was unaffordable, the New Democracy government has given a cut from that rate to 13 percent for taxis.

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A pregnant woman was driving in the HOV lane near Dallas.

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NEW YORK – Meropi Kyriacou, the new Principal of The Cathedral School in Manhattan, was honored as The National Herald’s Educator of the Year.


Alberto, Season’s First Named Tropical Storm, Dumps Rain on Texas and Mexico, Which Reports 3 Deaths

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CAIRO  — More than 1,000 people died during this year’s Hajj pilgrimage in Saudi Arabia as the faithful faced extreme high temperatures at Islamic holy sites in the desert kingdom, officials said Sunday.

WASHINGTON  — Vice President Kamala Harris says “everything is at stake” with reproductive health rights in November's election as the Biden campaign steps up its focus on contrasting the positions taken by Democratic President Joe Biden and Republican Donald Trump on the issue before their debate this week.

COLOGNE, Germany — In front of Belgium's royal family, King Kev sealed the win.

ATHENS - With no trace after 12 years of a retired Los Angeles County Deputy Sheriff who vanished while hiking on the island of Amorgos, volunteers arrived in Greece from California to help in the search and baffling mystery.

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