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The BoG estimates €10 bn new NPLs due to the pandemic

The Bank of Greece estimates that the pandemic will leave the Greek banks with €10 bn new NPLs.

According to the deputy governor of the BoG, Giannis Mourmouras, based on the data of the first half, the bad loans of Greek banks amount to €54 bn and correspond to 33% of their portfolio.

Mr. Mourmouras mentioned the initiatives taken to help banks reduce their bad loans, such as the Hercules securitisation scheme, and the bad bank that the BoG suggests. He said that the bad bank will work in aide to Hercules in order to drastically address the problem of bad loans that the pandemic will leave behind, and at the same time it will solve the problem of deferred taxation.

Original Source: Fortunegreece.com

Adaptation/Summary: Kiki Athanasiadis

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