Continuing pressure by the Single Supervisory Mechanism (SSM) has reportedly reinvigorated Greece’s systemic banks’ efforts to reduce the Olympus-sized «mountain» of «bad debt» burdening their balance sheets, in the wake of the most recent ECB report showing Greece with the highest percentage of NPLs amongst all Eurozone member-states, naftemporiki.gr reports.

According to several sources quoted by “Naftemporiki”, new targets to reduce NPLs will be announced by the end of the month, with a comprehensive plan to again be handed to the SSM. The same reports point to even more «ambitious» targets for Greece’s thrice bailed-out systemic banks.

An addendum will also, according to reports, include new NPLs created after April 2018.

The previous target, which is far from being attained, called for a reduction of NPEs (non-performing exposures) of €50 billion by the end of 2021, bringing bad debt listed on banks’ balance sheets from €82 billion to €32 billion.

At the same time, bank officials in Athens have repeatedly noted that it is extremely difficult to exceed a rate of reducing NPLs by more than €3 billion every trimester.

Original Story: Tornos News
Photo: FreeImages.com/Takis Kolokotronis
Edition:Prime Yield