Reuters’ Breakingviews column notes that after years of heavy losses, investors in Greek banks have learned to be similarly wary. Lenders have ambitious plans to shed more than a third of their bad and doubtful debts. But without a clearer idea of what buyers might pay, shareholders have little clarity over how much more pain lies ahead.
Almost eight years since the Greek debt crisis, banks are still burdened with gross dodgy loans worth €101 billion equivalent to half their total lending. Under pressure from the European Central Bank, lenders aim to reduce that to €64.6 billion by 2019, helped by selling loans with a face value of €11.6 billion.
That target is optimistic: banks sold loans worth a mere €1.8 billion in the nine months to the end of September.
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Source: capital.gr
