Greek Dep. PM on ‘bad debt’ crisis: If we’re not careful, banks may be led to point of needing fresh capital

1 February 2019
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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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