Greek Banks Turn Corner With Bad-Loan Sales

Greek banks, among Europe’s weakest, are getting rid of their bad loans at a healthy clip. In spring, the pandemic interrupted plans among the country’s banks to shed loans still festering from the eurozone crisis a decade ago, The Wall Street Journal reported. But stimulus from central banks and governments globally has sent fresh cash into funds that buy non-performing loans, reinvigorating the efforts. “Many of the investors are in the process of fund raising or have raised additional funds for what they see as a wave of opportunity,” said Alok Gahrotra, a partner in the portfolio lead advisory team at Deloitte that advises NPL buyers and sellers. “There’s a lot of dry powder to deploy.” Read more

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