DBRS Morningstar: Hercules Helps Greek Banks Lower their NPE Stock, But Not a ‘Job Done’ Yet

The Ministry of Finance is preparing the new “Hercules-Asset Protection “ plan with the aim of having the draft law ready…

Deputy Minister of Finance , George Zavvos, who is responsible for the banking sector  said in an interview that banks today are not part of the problem but a part of the solution.

Despite the turmoil suffered by the economy due to the pandemic, the Finance Ministry, banks, and loan servicers have been drawing on all means, including the Hercules plan, to reduce existing non-performing loans and manage the new wave of bad debt expected.