Greek Dep. PM on ‘bad debt’ crisis: If we’re not careful, banks may be led to point of needing fresh capital
Greek Economy Minister and Deputy PM Yannis Dragasakis on Thursday again sounded “warning bells” over the high level of non-performing loans (NPLs) plaguing Greek banks’ spread sheets.
“We cannot underestimate the fact that Greece is the country with a high level of ‘bad debt’,” he said, in comments to a relevant parliament committee.
“If we are not careful, we may be led to measures that will bring banks to the point of needing fresh capital; and unfortunately, this (capital infusion) may again be footed by the Greek taxpayer,” he warned, while adding:
“We don’t have solutions, as in a manual, there is no guide to deal with the problem.”
Dragasakis also assessed that a new framework to protect primary residences from creditors – given that the current legal protection ends in late February 2018 – will be legislated next month or in early March.
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