Almost a decade after the onset of the European debt crisis, Greece continues to struggle. While the country has managed to address many of its fiscal inconsistencies, the real economy has yet to reap the benefits of stabilisation, recording only a sluggish growth of 1.9% in 2018.
A significant factor accounting for the country’s economic stagnation is the high level of non-performing loans (NPLs) in the banking system, which negatively affects the availability of credit, tying up significant bank resources (financial and human) and depriving much needed funds from businesses and entrepreneurs.
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