Greece has requested extension of Hercules scheme for reducing NPLs


Τhe Greek government has submitted an official request for an extension of the Hercules scheme that will permit banks to drastically reduce non-performing loans (NPLs) in the coming months, according to a finance ministry press release on Monday.

Deputy Minister of Finance responsible for the financial system, George Zavvos, submitted the request to the European Commission Directorate-General for Competition on Friday, March 12, the press release said.

“The government, acting according to a specific plan and in record time, after the success of the Hercules Scheme during the first year of its operation, is now seeking its immediate extension, so that the Greek banks can reduce non-performing loan ratios to single-digit percentages in the coming months,” the ministry said.