Welcome to english.eastday.com.Today is
Follow us @
Contribute to us!










Home >> auto >> Article
Eurobank becomes first Greek bank selling bad loans under bailout
From:Xinhua  |  2017-10-06 01:13

Video PlayerClose

ATHENS, Oct. 5 (Xinhua) -- Eurobank, one of the four systemicbanks in Greece, announced on Thursday that it will sell 1.5billion euros (1.76 billion U.S. dollars) in non performingunsecured consumer loans to Swedish Credit Management Servicescompany Intrum, Greek national news agency AMNA reported.

Eurobank is the first major Greek lender making the step underthe terms of the current Greek bailout program, "Ta Nea" (The News)newspaper and other local media noted.

"We are glad to seal this transaction with Europe's largestcredit management services provider," Eurobank CEO Fokion Karaviassaid in a press release, expressing confidence that the transactionwill close by year end.

Greek banks must reduce their non performing exposures burden(which includes non performing loans and restructured loans likelyto turn bad) to about 67 billion euros by 2019, under Greece'sthird bailout deal with international lenders which ends inmid-2018.

In early 2017, this load stood at about 102 billion euros,central Bank of Greece's Governor Yannis Stournaras noted whileaddressing a forum in Athens last week.

The reduction of the bad loans burden is one of the biggestchallenges Greece's banking system has to face as the country ispaving the ground to exit the bailout programs for first time sinceresorting to the first bailout in May 2010 to avert default. (1euro = 1.17 U.S. dollars) Enditem