Four in 10 restructured loans need fresh settlement plan
The finances of households and corporations in Greece, which have deteriorated over the last 12 months, and the inefficiency of the banks’ debt settlement strategies are reflected in the fact that about four in every 10 loans that had already been restructured are now in need of a new payment plan, according to a review of the country’s credit sector published yesterday by the Bank of Greece.
The picture would have been even worse had the banks not resorted to provisional settlements – i.e. the restructuring of loans before they turned bad. They add up to 30 billion euros and 72.4 percent of them have already been restructured.
