Bad Credits in Bulgaria Hit 21%

Bad Credits in Bulgaria Hit 21%

The defaulted or restructured loans in Bulgaria grew by 339.2 million levs in July 2011 and reached 8.59 billion levs, said the national bank, quoted by investor.bg.

And while bad credits in the country grew by only thirty or forty million levs in the first two months of the year, they hiked by 140 million levs in April and by 178 million levs a month later. The situation went from bad to worse in June and July 2011, when bad credits soared by 340 million levs.

Thus, bad or restructured loans in Bulgaria have soared by 38.59% (2.4 billion levs) year-on-year. As of July 31, 2011 the share of these loans reached 21.23% of all bank loans in the country. The share of bad corporate loans is 22.73%, while the one of defaulted personal loans is 19.50%. Over eighteen percent of all approved housing loans in Bulgaria have been defaulted on.

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