GREECE Greece’s NPL ratio to fall to single digit next year

The Greek banks’ non-performing loans (NPL) stock should fall to single-digit rate in 2022, Finance Minister Christos Staikouras said.

The correct, serious and methodical work done in the last two years, under the coordination of the former deputy Finance Minister George Zavvos, continues,” the Finance Minister said in an announcement.

“According to Bank of Greece data, Greek banks’ NPLs totalled 29.4 billion euros in June 2021, 20.3% of total loans, recording an impressive decline during the last two years”.

The stock of NPLs has fallen by around 46 billion euros since New Democracy took over the government of the country (it was 75.3 billion euros in June 2019) and around 78 billion down from the peak in March 2016 (107.2 billion euros).

This significant reduction is the result of an integrated and coherent strategy followed by the finance ministry through the successful programme ‘Hercules’ which has been expanded, and specific interventions implemented to contain the creation of a new wave of non-performing loans because of the pandemic crisis.”

Original Story: : Greek City Times |Athens Bureau
Photo: Photo by Jonte Remos in
Edition: Prime Yield