Greece’s largest employers’ and industries’ group on Thursday unveiled its proposals on tacking the huge problem of non-performing loans (NPLs) and accumulated arrears to the state, one of the primary issues under negotiation between the leftist Greek government and institutional creditors’ representatives at present.
The Federation of Hellenic Enterprises (SEV) essentially recommended an overhaul of the current and burdensome bankruptcy code in the country in favor of write-offs for arrears and bad loans deemed “uncollectible”, but loan restructuring for businesses and self-employed professionals when their continued economic activity, within the framework of fair competition, is viable.
The federation said the framework should be simplified and feature common provisions for all. Additionally, SEV warned that three loopholes in the existing law and future legislation should be eliminated, namely: defining the legal liability of public sector officials and bank employees in the process to approve “haircuts”; delineating the scope and responsibilities of new company managements taking over from board members, executives and primary shareholders deemed “uncooperative” in the restructuring process, as well as the impact on state coffers from the write-offs.
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