Image default
Greek News

The government guarantees EUR 9 billion through a pillow for the banks

The Greek government is attempting to make use of the EUR 37 billion pillow to help banks try to reduce their “red” loans in their portfolios.

The government is soon awaiting the green light from the European Union authorities for the asset protection scheme (APS) that is promoting to reduce red loans by EUR 30 billion.

Banks are working to reduce the volume of non-performing loans to EUR 80 billion, in order to start lending operation again and boost their profitability, with the State being required to participate with guarantees worth EUR 9 billion.

Announcement

The moves by the current government were announced by Babis Papadimitriou. Specifically, in an interview on July 3, 2019 (4 days before the national elections) on Real FM 97.8, Babis Papadimitriou revealed that ND plans to give part of the EUR 37 billion “pillow” to the banks, so that they can “get rid of the burden of red loans”.

Read more HERE

Σχετικα αρθρα

Investment frenzy in Greece – 10 billion-euro deals closed from the start of 2021

admin

Fitch: Greece to see fastest annual GDP growth in 40 years

admin

Chinese Foreign Investment in Coal Power (infographic)

admin

How Much Do Countries Spend on Education? (infographic)

admin

How Long Does Apple Support Older iPhone Models? (infographic)

admin

Chinese billionaire loses an astonishing $27 billion

admin

Working hours needed to escape poverty at minimum wage for families (infographic)

admin

New online Tax Office portal to provide Greek taxpayers with plenty more services

admin

An iPhone for (Almost) Every Wallet (infographic)

admin

Apple’s Incredible 21st Century Growth (infographic)

admin

Cars Increasingly Ready for Autonomous Driving (infographic)

admin

49% of Greek Electricity Distribution Network Operator majority stake bought out by Australian company for record €2.1 bln

admin