Local view for "http://purl.org/linkedpolitics/eu/plenary/2010-10-20-Speech-3-412"
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"en.20101020.21.3-412"2
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"Late payments can result in financial difficulties, and even bankruptcy for some businesses, especially SMEs: according to the European Commission, late payments cost the European economy around EUR 180 billion every year. Other studies talk about EUR 300 billion per year, an amount equivalent to the Greek public debt. In the current economic climate, I am glad that the Council and Parliament have been able to agree from the start on an ambitious review of European legislation in this area. The European Parliament’s contribution was substantial in this matter. We were successful in making sure the final text is inspired by the many improvements voted for in the Committee on the Internal Market and Consumer Protection, in particular: higher legal interest rates payable in case of delay; for business to business transactions, a default 30-day rule and an extension to 60 days which can be prolonged under certain conditions; for public institutions, a maximum of 60 days; greater flexibility for public health institutions and for public medical and social institutions; and finally, a simplification of the compensation for recovery costs (a flat rate of EUR 40)."@en1
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