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President of the Greek banks expresses concerns over non-performing loans

Banker addressed special parliamentary committee

The President of the Hellenic Bank Association, Nikos Karamouzis expressed his grave concerns about the dangers for the country’s systemic banks in relation to the non-performing loans. The Greek banker went on question the effectiveness of the legislation submitted by the Greek government regarding the issue of out of court settlements for arrears. Speaking before the parliament’s competent committee deliberating on the draft, Mr. Karamouzis warned the members that if the matter of non-performing loans was not addressed as soon as possible the situation would become irreversible. “The longer the problem of the non-performing loans is not dealt with, the more it becomes impossible for the Greek economy to be funded”, he said. He continued by saying that the Greek banks would be subjected to stress tests in 2018, which is why the percentage of non-performing loans should be limited. Mr. Karamouzis voices his reservations in relation to the draft bill under discussion saying that he was doubtful whether it would alleviate any pressures from the banking system.