The European Commission would decide on the debt recovery program. FMTNews
BRUSSELS: Greece plans to provide as much as 9 billion euros in state guarantees to help its banks reduce a mountain of soured debt weighing on their balance sheets, according to two people with knowledge of the matter.
Banks in Greece, Europe’s most indebted country, hold some 75 billion euros in soured debt, boosting costs for provisions and restricting their ability to generate new loans. The soured debt will be transferred to a special purpose vehicle that will issue senior, mezzanine and junior bonds.The benchmark Athens bank index rose on the report and was up 2.2% as of 3:27pm, with the National Bank of Greece and Alpha Bank AE leading gains.
While the Greek proposal was initiated by the previous government, Kyriakos Mitsotakis, who took over as prime minister two months ago, has made it a priority to finalise negotiations before a new European Commission assumes office in November.Among the details yet to be clarified is the total amount of bad debt that will be subject to the scheme, a person said.
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