December 29, 2012

Greek Banks Bad Loans Hit $62 Billion

Whacked by big losses from government-imposed debt write-downs on investors that means they will need a recapitalization of some 50 billion euros ($66 billion) Greek banks are also staggering under the weight of 46.8 billion euros ($61.8 billion) in bad loans because customers crushed by relentless pay cuts, tax hikes and slashed pensions can’t afford to pay their loans or credit cards, and nearly 25 percent have defaulted.

The Bank of Greece (BOG) released the statistics in a report on the recapitalization and restructuring of the Greek banking sector which put the credit risk,.. Read more.

Greek Reporter

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