Greece Needs to Immediately Adopt Systemic Solution in Reducing NPEs, European Sources Say

Greece Needs to Immediately Adopt Systemic Solution in Reducing NPEs, European Sources Say

European institutions are pressing for an immediate adoption of a systemic solution in reducing non-performing exposures (NPEs) as current goals set by Greek banks are considered to be ambitious but inadequate, European sources said on Tuesday. The same sources said that even if Greek credit institutions were to achieve goals set by the end of 2021, the stock of NPEs will remain much higher compared with the European average. In any case, reducing NPEs by 54 billion euro is in itself a very ambitious goal, but after this reduction the rate of NPEs will be around 19 pct, significantly up from a 3.8 pct average rate in the EU.

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