Athens warned to take action on bad bank loans

10 November 2016
753 Views

Greece’s creditors have urged authorities to take action to deal with the problem of nonperforming loans burdening Greek banks, warning that creditors will not contribute to recapitalizing Greek banks again, which would mean bank shareholders and depositors could be obliged to join a rescue.
Despite a series of legislative initiatives by the Greek government, the problem of NPLs remains untackled, representatives of Greece’s creditors have told Athens.

The same sources have indicated that should there be a need for a third round of recapitalization, that would be carried out in line with European banking directives introduced in January of this year according to which shareholders, bondholders and even those with savings that exceed 100,000 euros would be obliged to participate in a so-called bail-in.

A protracted strike by Greek lawyers, which ended in September, and an ongoing boycott by Greek notaries of first-home foreclosures has prevented banks from collecting much-needed revenue.

Mortgage-holders and activists have been protesting against foreclosures for months.

On Wednesday, large crowds gathered at courthouses in Athens and Thessaloniki. Around 150 protesters barged into the Athens Magistrates Court and forced the notaries in attendance out of the premises while heckling them.

There were similar scenes at Thessaloniki Magistrates Court.

The protesters staged their demonstrations despite the fact that Greek notaries have been refraining from attending court cases for foreclosures on primary residences for the past month.

The union representing Greek notaries has called on the government to clarify the legal situation regarding repossessions, especially relating to primary residences, “to ensure the legality and smoothness of the proceedings.”

You may be interested

The U.S Pentagon confirmed images of UFO’s over navy ships
DEFENCE
shares19 views
DEFENCE
shares19 views

The U.S Pentagon confirmed images of UFO’s over navy ships

Panos - Apr 14, 2021

The Pentagon has confirmed that images and videos showing unidentified flying objects buzzing over Navy warships off the coast of…

Tsitsipas moves into 16 at Monaco Masters after beating Karatsev in 2 sets
GREECE
shares12 views
GREECE
shares12 views

Tsitsipas moves into 16 at Monaco Masters after beating Karatsev in 2 sets

Panos - Apr 14, 2021

Fourth-seeded Stefanos Tsitsipas advanced to the final 16 of the Monte Carlo Masters in Monaco after defeating Russia’s Aslan Karatsev…

Johnson & Johnson vaccine suspended in the US after blood clot cases reported
GREECE
shares22 views
GREECE
shares22 views

Johnson & Johnson vaccine suspended in the US after blood clot cases reported

Panos - Apr 14, 2021

The US federal health services are expected to request an immediate suspension of the Johnson & Johnson Covid-19 vaccine after…

Leave a Comment

Your email address will not be published.