Athens submits APS plan aiming to remove up to 30 bln of NPLs from bank balance sheets

EconomyBanking Tags: Banking, EC, NPLs
Photo by Stuart Chalmers via Flickr
Photo by Stuart Chalmers via Flickr

The Greek government appears to have submitted to the European Commission its final proposal for an Asset Purchase Scheme (APS), which it hopes will help local banks substantially reduce their stock of non-performing loans.

According to a report in Kathimerini newspaper on Thursday, Deputy Finance Minister Giorgos Zavvos handed the plan, dubbed the Hercules Project, over to officials in Brussels on Friday. The European Commission will now have to check the details to ensur...

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