Monday March 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Crisis has cost credit sector 100 bln euros

By Yiannis Papadoyiannis

The crisis has cost the local banking sector no less than 100 billion euros to date due to the debt restructuring (PSI) and nonperforming loans. Today Greek banks are hoping that the results of the recent stress tests, which are scheduled to be announced after February 20, will not send the bill even higher.

The state bond haircut and loans to state corporations have set domestic banks back a cool 45.3 billion euros, while BlackRock Solutions has calculated losses from bad loans at a total of 45 billion euros. Thankfully a large part of the losses from NPLs was covered by the provisions banks had made in previous years.

Lenders have also lost some 10 billion euros from the voluntary buyback of their bonds, which means that the actual haircut they suffered amounted to 73.4 percent.

The worst year for banks was 2011, during which they lost an estimated 28.3 billion euros, while 2012 saw losses of approximately 5.3 billion euros. These combined losses of over 28.5 billion euros dwarf the profits banks made in the decade from 2001 to 2010, amounting to 18 billion euros in total.

ekathimerini.com , Sunday February 9, 2014 (21:13)  
Rift talk may be self-fulfilling prophecy
Undeclared labor flourishing as inspections are insufficient
Agenda
Banks write off old debts worth billions
Greece’s Tsipras to meet ministers as creditors ponder overhauls
Greece’s Prime Minister Alexis Tsipras is to hold a cabinet meeting Sunday as Greek officials and creditors in Brussels discuss overhauls the country proposes to secure more funds from the e...
Moscow expects progress from Tsipras visit
Prime Minister Alexis Tsipras’s planned visit to Moscow on April 8 will be a “big event” in the course of relations between Greece and Russia, according to the Russian ambassador in Athens, ...
Inside News
SOCCER
Improved Greece draws 0-0 at Hungary
Greece ended up goalless with Hungary in Budapest on Sunday, on manager Sergio Markarian’s debut on the national team’s bench, a result that has left Greece at the bottom of its Euro 2016 qu...
HANDBALL
Hooligans mar PAOK´s handball cup triumph
PAOK won its second Greek Cup in handball beating AEK 29-27 in Sunday’s final in Thessaloniki, but the clashes between AEK fans and the police as well as the exchange of lethal flares betwee...
Inside Sports
COMMENTARY
Let´s change the subject
Let’s talk about the weather. The cloudy skies, the rain, storms and humidity, the overall heavy atmosphere. It’s better to think of that than politics and politicians, whatever cuts they ma...
EDITORIAL
Too little, too late?
Many of the measures that are rumored to comprise part of the list that the Greek government is expected to submit to the European Commission, European Central Bank and the International Mon...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Improved Greece draws 0-0 at Hungary
2. Rift talk may be self-fulfilling prophecy
3. Undeclared labor flourishing as inspections are insufficient
4. Agenda
5. Banks write off old debts worth billions
6. Hooligans mar PAOK´s handball cup triumph
more news
Today
This Week
1. Eurogroup unlikely to be held soon to discuss Greek reforms
2. Moscow expects progress from Tsipras visit
3. Another suspect eyed in prison breakout plan
4. Greece’s Tsipras to meet ministers as creditors ponder overhauls
5. Greece says talks with lenders are continuing positively
6. Rift talk may be self-fulfilling prophecy
Today
This Week
1. Next Monday is D-Day for state funds
2. PM faces Merkel amid race to detail reforms
3. Some more equal than others
4. Eurogroup unlikely to be held soon to discuss Greek reforms
5. Greece to present reforms by Monday, says gov't spokesman [Update]
6. Looking at the Chinese model
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.