Unprocessed Bad Loans Slow Greek Economic Recovery
An IMF official says three million bad loans hinder Greece's recovery. The backlog prevents many citizens and small businesses from accessing new credit.
Xurve View
Xurve View
Millions of unprocessed bad loans from the previous decade's debt crisis are currently impeding economic growth in Greece. According to an official from the International Monetary Fund (IMF), these non-performing loans (NPLs) are preventing families and small businesses from re-entering the lending markets. Charles Cohen, an IMF specialist in financial markets, noted that approximately 3 million NPLs are impacting 2.4 million individuals. This volume has effectively overwhelmed the national lending infrastructure.
"This is a massive number for the Greek economy."
