Greek Finance Minister Euclid Tsakalotos and Economy Minister Giorgos Stathakis tried to find a compromise proposal for the non-performing loans (“red loans”) during their meeting with the representatives of the institutions which lasted hours.

The meeting, which took place after the meeting with Labour Minister on social security, was also attended by Labour Minister Giorgos Katrougalos and the governor of the Bank of Greece, Yannis Stournaras, who left earlier saying that the Bank of Greece discussed issues of mainly technical character.

Messrs Tsakalotos and Stathakis remained at the meeting, which concluded with no positive result, since, according to top executive of the government, the lenders have rejected the new Greek proposal concerning the:

– Protection threshold of 100,000 euros for business loans (government’s initial proposal was 500,000 euros)

– Protection threshold of 75,000 euros for self-employed loans (government’s initial proposal was 250,000 euros)

– Protection threshold of 5,000 euros for consumer loans (government’s initial proposal was 20,000)

According to the same source, the Greek side fought against primary residence auctions, but also against selling the non-performing loans to distress funds.