ECONOMY

Greek central banker says plans on bad loans must proceed fast to relieve markets

greek-central-banker-says-plans-on-bad-loans-must-proceed-fast-to-relieve-markets

Schemes that Greece’s central bank and the country’s bank rescue fund are working on to help speed up the reduction of sour loans burdening bank balance sheets should proceed fast, the country’s central bank chief said on Wednesday.

“The planned solutions must proceed fast to rid markets of fears regarding banks,” Yannis Stournaras told reporters at the sidelines of an economic conference.

Greek banks have the highest level of non-performing exposures (NPEs) in Europe and have agreed with regulators to take steps to shrink bad loans by a more than a third by the end of 2019. [Reuters]