As “former cash paradise» characterizes the financial newspaper Handelsblatt Greece, since card payments were not common, but are now growing rapidly. This, the newspaper notes, is pleasing to the creditors of the “over-indebted country” and to the satisfaction of the Greek Ministry of Finance, “because while cash payments often bypass the books, cashless transactions are more easily recorded by the tax authorities.”

“The state owes the rising tax revenue to the trend for cashless payments. Greece can thus reduce its debt faster than expected”, notes the newspaper. The Ministry of Finance estimates that the boom in cashless payments brought in approx 500 million euros in additional tax revenue in 2022.

“Instead of an expected primary deficit of 1.6% of GDP, the budget closed with a balanced balance – even though the government spent around twelve billion euros on energy subsidies and repaid aid loans from eurozone partners amounting to 2.7 billion euros.

“Greece is still to be a “champion” in the eurozone in terms of public debt. However, Finance Minister Christos Staikouras sees good prospects for Greece’s timely return to the circle of debtors that offer opportunities for investment.”