Deal with lenders opens way for management of NPLs by private companies
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Economy Minister Giorgos Stathakis said on Friday that the agreement reached with the Greece’s lenders this evening opens the way for the management of large non-performing loans by private companies.
The minister said the deal on NPLs will be implemented in two phases: During the first phase, which will last until February 15, 2016, mortgage loans for the main residence, loans of small and medium-sized businesses and consumer loans will be excluded from those managed by private companies. After this phase the exclusion will be discussed to reach a new framework.
Negotiations with the country’s lenders on the 13 prior actions required to disburse Greece’s loan sub-tranche ended at 21.00 (local).
Greece clinches deal with lenders on new batch of prior actions
The Greek government agreed on Friday evening with the representatives of the institutions on a new batch of prior actions which will unlock a sub-tranche of the country’s loan.
The relevant draft bill is expected to be submitted to parliament on Saturday, so that it can be voted on Tuesday evening. After it is voted, the Euroworking Group (EWG) will approve the disbursement of the remaining 1-billion-euro tranche.
The agreement includes provisions on the non-performing loans of businesses with a turnover above 5 million euros, as well as the framework for the operation of the new privatization fund which will be divided in sub-divisions depending on the category of state assets for sale, as well as the new payroll for the state sector.
Government sources said the new payroll doesn’t include new pay cuts but provides incentives for increasing effectiveness in the public sector.