Greek Plan To Reduce Bad Loans Gets EU Green Light

Law360, London (October 10, 2019, 2:39 PM BST) -- The European Commission on Thursday approved a plan to reduce bad loans at Greece’s banks, saying it did not violate rules on providing unfair financial assistance.

The asset protection scheme — known as "Hercules"  — aims to chip away at nonperforming loans on the balance sheet of Greek banks without distorting market competition by resorting to government handouts.  

The European Union has put an emphasis on cutting down the value of nonperforming loans — defined as debt that borrowers have failed to pay for more than 90 days — in the banking sector. The "bad loans" discourage investment in the...

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