the insider’s guide

PM’s top team, lawyers work on bankruptcy law

The writing and overall supervision of the new bankruptcy code have been taken over by Alexis Patelis, chief economic adviser to the prime minister and Akis Skertsos, deputy minister to the prime minister, along with the Potamitis law firm.

Eurobank applies to join Hercules plan with Cairo project

The third application by Eurobank to the "Hercules" program is a proof of confidence shown by international investors in the Greek banking system and the Greek government's strategy for dealing with bad loans.

Bain asks for an additional 30% discount to the upfront price of ICON

National Bank is considering broadening the scope of Icon sale to Bain, also including Romanian and Cypriot NPL portfolios. In the process, though, NBG may have to accept lower prices to dispose the portfolios.

Banks, loan servicers see less dramatic rise in NPEs 

Bank and loan servicer officials have been expressing their optimism in recent days that NPEs may not rise as dramatically as first thought due to the coronavirus pandemic.

Piraeus Bank under pressure to sell MIG loans

Marfin Investment Group's (MIG) 550 million euros loans must be written off Piraeus Banks' balance sheet as soon as possible.

doValue: 3 million euros loss in Q1 2020 vs net profit of €7.7 million in Q1 2019.

Group collections in the first quarter of 2020 amounted to €0.9 billion, up from €0.4 billion in the first quarter of 2019, thanks to the consolidation of Altamira Asset Management. Developments in base fees benefited from the positive contribution of servicing activities in Greece through the doValue Hellas subsidiary.

Greece does not need to resort to the ESM credit line

Greek Finance Minister Christos Staikouras said that he does not intend to use the  15.7 billion euros cash buffer in the "Special Reserve Account".  Also he emphasized that Greece does not need to resort to the new ESM Credit Line.

Andrea Enria: The current crisis is a wake-up call

Chair of the ECB’s Supervisory Board estimates that non-performing loans will increase substantially, despite all the support measures that have been taken.

Aegean Airlines will not give equity in exchange for government support

Chairman  Eftychis Vassilakis called on the government to take action and alleviate the unprecedented challenges faced by the flag carrier amid the Covid-19 turmoil.

Germany and France agreed on a 500 billion euro fund

German Chancellor Angela Merkel and French President Emmanuel Macron agreed to push for a 500 billion euro recovery fund in an effort to create a joint fiscal response to help EuropeanUnion recover from the coronavirus pandemic. 

• What FITCH Ratings thinks of Greek Banks

• Hard to predict the shape of the recovery in the Eurozone

• Moody’s cuts Greek banks’ outlook to stable from positive due to NPE increase

• Greece to subsidize monthly payments of mortgages with a bridge programme ramme

• Hercules will come late in Greece, says Standard and Poors

• CNLCapital “suffers” due to MLS

• Greek banks borrowed EUR9.2bn from the ECB in April

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