Greek consumers are struggling the most in Europe with nearly two-thirds saying that they can’t keep up with rising living costs, according to an annual consumer survey put together by Intrum. Only 56% of Greek consumers are confident in their ability to pay their bills.
After a previous attempt to sell the portfolio to the Czech Republic’s APS fell through the management of Piraeus Bank immediately started discussions with Intrum.
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.
