Reuters reports that the European Bank for Reconstruction and Development, APS Delta, Balbec Capital and the IFC will jointly invest 50 million euros ($57 million) in a portfolio of unsecured sour loans originated by Greece’s Piraeus Bank, the EBRD said on Friday.
Saddled with billions of euros of sour loans, Greek banks are struggling with the highest ratio of so-called non-performing exposures (NPEs) in Europe after the country’s seven-year debt crisis.
Top lenders including Piraeus Bank, Greece’s biggest lender by assets, had an NPE ratio of 47.6 percent at the end of June versus an average 4.5 percent in Europe.
The EBRD started investing in Greece on a temporary basis in 2015 to support its recovery. Until now, it has invested more than 2 billion euros in more than 40 projects.
Read more at ekathimerini.com
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