File Photo:Klaus Regling EPA, ANA-MPA

ESM chief Regling: Process to reduce non-performing loans in Greece must move quickly

The head of the European Stability Mechanism (ESM) Klaus Regling on Thursday said that the process for reducing the ratio of non-performing loans (NPLs) in Greece must press ahead as quickly as possible,

while speaking during a press conference in Luxembourg about the European Commission’s decision to approve the Greek government’s “Hercules” plan for NPLs.

“The non-performing loans are the biggest economic problem in Greece as their percentage is the highest in Europe,” said Regling.

Despite a reduction in NPLs, which meant that there was progress, their initial starting point had been very high, he added.

Consequently, it was good that the Greek government was working for to reduce them, Regling said, adding that the issue will be discussed during his meeting with Finance Minister Christos Staikouras later in the day, on the sidelines of Thursday’s Eurogroup.

“It is important that this process be continued as quickly as possible so that Greek banks can once again play the role they should have in every healthy economy, by offering loans,” concluded Regling.

Source: ANA-MPA

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