Stathakis: “Some progress on red loans, but still a long way to go”

16 March 2016
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The recent meetings between Greek government officials and the institutions on the new privatization “superfund” and the non-performing loans have resulted in some progress, claims a Ministry of Finance source.

According to the senior officer, the CEO of the new fund will be Greek and operate under the supervision of a council, where the institutions will have the right of a veto in relation to certain actions. Current TAIPED president Stergios Pitsiorlas is considered the favorite for the position of CEO in the new fund.

The senior officer clarified that this supervisory council will convene twice a year, while the new fund’s overall direction will be determined by the government via an administrative council.

In relation to non-performing loans, the main point of disagreement appears to be overall framework of operation and management. Despite the problems though, the two sides appear to have approached an agreement for the protection of vulnerable social groups.

On Tuesday evening the Minister of Economy Giorgos Stathakis commented that while there was still “a long way to go”, there is some agreement on protecting primary residences from being sold on the so-called distress funds. The same cannot be said about the case of business loans of SMEs and consumer loans, which the troika insists must be sold to the funds.

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