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Greece

Juncker Exposes the Greek Government's Initiative to Sell Off 'Red Loans'

European Commission President Jean-Claude Juncker said that it was Greece's decision to sell the non-performing loans (NPLs) to foreign funds. Juncker refuted that the Greek government had been forced to legislate the sale of these so-called "red loans" (NPLs) to "vulture funds"...

Red Loans Pose Threat to Greek Banks Restart

"Bad loans haunt Greek Banks Seeking New Start" is the title of a Reuters report regarding the plight of the banking sector in Greece's economic crisis. After 40 billion euros of deposit outflows and three weeks of closed doors and...

French Tourists Deny to Pay Ticket at Greek Archaeological Site Because 'France Offered Loans to Greece'

The Greek island of Rhodes was the setting of peculiar alleged confrontation between tourists and locals. According to local newspaper Rodiaki, a group of French tourists tried to enter the Lindos archaeological site without paying the required entry fee like everyone else. Their alleged response...

Parliament Votes in Favor of Amendments on ENFIA and Red Loans

The Greek coalition government won the crucial vote on the revised bill revoking the inclusion of the property tax (ENFIA) in the 100-tranche payment plan for outstanding debts to the state. Out of the 261 MPs who voted by roll...

Greek Opposition Parties Agree on Law Motion over 'Red Loans'

Main opposition SYRIZA leader Alexis Tsipras, revealed today during a meeting with ANEL president Panos Kammenos, that he is willing to support the law motion over the so called "red loans," planned by the Independent Greeks (ANEL) party, in the event that...

EU Approves Greece's Plan to Reduce Bad Loans

The European Commission approved on Thursday a Greek plan to reduce its bad loans at the country's banks by up to 30 billion euros ($33.04 billion), saying that the proposal did not violate state aid rules. The plan, known as...

Piraeus CEO: Greek Banks to Significantly Reduce Bad Loans by 2021 (VIDEO)

The high level of bad loans in Greece is still the largest economic issue that the embattled nation needs to focus on, the head of Piraeus Bank told the American television network CNBC on Monday. Christos Megalou said that there...

Piraeus Bank New CEO Races to Reach Target for Reducing Bad Loans

Christos Megalou, the new chief executive officer of Piraeus Bank SA is trying to make up for lost time, says a report in Bloomberg. Megalou must offload 4 billion euros ($4.6 billion) in bad loans by the end of the...

'Red' Loans Management to Unsettle Greek Parliament

The hot issues of 'red' loans management and the privatization of the Independent Power Transmission Operator (ADMIE) will be tabled in Greek Parliament on Monday amid strong reactions from opposition parties. Large business loans and second home mortgages will be...

Greek 'Red' Loans to be Sold to Foreign Distress Funds

Greece's creditors ask for a comprehensive bad loans settlement plan to be completed and legislated by December 15 as part of the bailout agreement requirements. After resolving the non performing mortgages issue, the Greek government has to present a strategy...

Greece-Creditors Still Disagree Over Bad Loans, Foreclosures

The second marathon negotiation between Greece and the quartet of international creditors ended at 5 am on Monday with the issues of bad loans and primary residence foreclosures still unresolved. According to sources close to the talks, the Greek team...

Reps for Foreign Funds, Looking to Buy Greek Bank Loans that are "in the red"

Representatives of foreign funds are looking to take advantage of the "red" loans held by Greek banks and are already setting up offices in Athens, according to the Real News newspaper. According to the report, representatives of foreign funds have been...

Six Times More 'In the Red' Loans in the Last 5 Years

In September 2013, nearly one in three loans (31.2%) was not paid, while almost one in two borrowers (45.8%) did not pay their credit card installments. This is one of NBG’s biggest problems, as well as commercial banks that...

Greek Banks Plan for "in the red" Loans

Greek banks have reached a complex plan in order to deal with loans "in the red." According to the newspaper "Ethnos," Greek banks will move based on their own criteria. This means that they will only take into consideration the...

Loans and Deposits Reduced in August 2013

Loans and deposits were reduced in August 2013. According to data by the Bank of Greece, it was observed that in deposits (that businesses and households hold in Greek banks) there was a small outflow, as the total reserve...