Blood-sucking zombies

COMMENT

Nonperforming loans extended to businesses have become a Gordian knot that must be severed, and as soon as possible.

The Greek banking system is burdened with dozens of zombie companies that have been allowed to stumble along over the past few years doing nothing but sucking on what little lifeblood there is left in the market.

These businesses do not pay their workers or social security contributions, they don’t service their debts or keep up to date with their tax payments, yet somehow they continue to exist.

Banks are long overdue in dealing with this issue, claiming that they are unable to push a solution because of shortcomings or grey areas in the legislation. But something needs to be done, because getting the economy back on its feet will be that much harder if this problem is allowed to linger.

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