BoG finally unveils long-expected proposal to reduce ‘bad debt’ held by Greek banks
The Bank of Greece (BoG) on Thursday unveiled its long-expected proposal to better manage “bad debt” weighing heavily on Greece’s thrice recapitalized banking sector, formally proposing the establishment of a “special purpose vehicle” to transfer a significant chunk of non-performing exposures (NPEs) along with a portion of deferred tax credits (DTCs) already booked on banks’ balance sheets.
The proposal is included in a report entitled “Overview of the Greek Financial System”, itself called a special feature, i.e. “A Systemic Proposal for the Management of NPEs”.
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