Non-performing loans (NPLs) in Greece dropped by 4.2 pct in the second quarter of 2018 compared to the same period last year, according to the European Commission’s third progress report on risk reduction in the EU released on Wednesday, ANA reports.
According to the report, Greece reduced its NPL rate as a percentage of all loans from 46.9 pct to 44.9 pct, even though it still retains the highest rate of all EU member-states.
Cyprus holds the second-highest rate in the EU (28.1 pct of all loans are NPLs), with a reduction of 16 pct compared to the second quarter of 2017 (33.4 pct). The island republic is followed by Portugal (11.7 pct, compared to 15.5 pct in Q2 2017), Italy (10 pct, over 12.2 pct ), Ireland (8.5 pct over 11.6 pct) and Slovenia (7.4 pct, over 11.4 pct).
Commission Vice President Valdis Dombrovskis commented there was still work to be done, especially in Greece and Cyprus, where the original NPL debts were very high to begin with and added that the system of e-auctions of foreclosed property is starting to show results already.
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