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Bad loans have exceeded 2.1 million

By Evgenia Tzortzi

Non-performing loans have reached more than 2 million in number, the tragic consequence of the crisis for households, professionals and small businesses with debts from housing, consumer and corporate loans of up to 1 million euros. This brings down the number of loans still being serviced to 5 million, which also includes some 1 million loans under adjusted payment plans.

Millions of loans are delayed by over three months. These can be broken down into 800,000 consumer loans, 900,000 credit cards, over 100,000 small corporate loans and 300,000 mortgages, according to data seen by Kathimerini.

After six years of economic contraction and dropping consumption, the picture seems to have become clearer in regard to consumer loans and credit cards, the use of which has nosedived in direct consequence of the financial crisis. Consumer credit loans were the first that banks put in the red in the process of the markets clear-out, even if this was not accompanied by the confiscation of borrowers assets.

Mortgages, however, are a very different case as the legal framework protected not only the primary residence but also the entirety of borrowers properties by banning foreclosures.

ekathimerini.com , Sunday February 16, 2014 (21:05)  
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