2020 - Page 66 of 77 - NPL Confidential

IMF forecasts 10% contraction in 2020

15 April 2020 Editors

At its latest Fiscal Monitor IMF, estimates that Greece GDP will dive 10% in 2020, before rebounding by 5.1% next…

Greek banks borrowed 12.35 billion euros from the ECB in March

15 April 2020 Editors

Greek banks’ ECB borrowings (entirely LTROs) rise by EUR4.75bn month on month in March. Funding to Greek lenders provided entirely…

Staikouras: Payment culture must be preserved, strategic defaulters will be punished

15 April 2020 user 02

Last night, in an interview with Action 24 TV, Minister of Finance Christos Staikouras mentioned the following: the government does not plan to…

Moodys non-performing loans in Europe; collections will slow from coronavirus outbreak

14 April 2020 Editors

Moody’s Investor Services estimates that measures to deal with the coronavirus outbreak in Europe, will cause disruption that will slow collections on non-performing loan (NPL) securitisations.
The expected growth in NPLs will reverse the previous trend.

Economic consequences of the pandemic and its impact on the Greek economy

14 April 2020 Editors

Op-Ed exclusive in NPL Confidential by Panos Tsakloglou, professor at Athens University of Economics and Business.

F. Kourmousis, the government will give a second chance to distressed borrowers

14 April 2020 Athina Korlira

Coronavirus has caused a financial crisis, which has led both households and businesses to not being able to repay finanicial obligations on time. The government is preparing a new law for debt repayments -and if that is not possible- will then considers writing off debts, giving everyone a second chance.

Creditors demand home auctions now; Greece to extend protection law

14 April 2020 Konstantinos Papagrigoris

Creditors, mainly the ECB, opposed any long term extension to primary residency protection.
The Greek government sends a strong message that it will immediately take the necessary legislative initiative to protect main residence.

Greek hoteliers, 47% say that bankruptcy is likely to happen

14 April 2020 Editors

Greek hoteliers expect enormous economic damage from the coronavirus pandemic crisis.
The Hellenic Chamber of Hotels published the 3rd part of a survey called “COVID-19 and Greek hotels.

10% GDP contraction puts NPL secondary market to a bumpy road

14 April 2020 Editors

A prolonged recession in Greece will surge defaults and bad loans. A negative impact is also expected on the secondary NPL market. European Commission and the IMF forecast a 10% contraction this year.
Greek banks still carry most of NPLs in their balance sheet.

Tax details for restructuring of loans slow in coming

14 April 2020 Konstantinos Papagrigoris

Tax Authorities pose barriers to the process of identifying lenders that are entitled to loan restructure. Consequently,valuable time is wasted and the process of adjusting loans becomes extremely slow. Necessary data will become available to loan servicers after Easter.