Non-performing loans (NPLs) held by Greece-based lenders were roughly 10 percent of total loans listed on the latter’s balance sheets, Greek Finance Minister Christos Staikouras said on Tuesday, with the total value of those NPLs corresponding to 14.8 billion euros.

Speaking from the Thessaloniki International Fair (TIF) in the northern Greece city, he pointed out that the corresponding figures, when the Mitsotakis government assumed power in 2019, was 43.6 percent and 75.3 billion euros, respectively.

“It ranks as a singular European success, as achieved by the Greek government over the past three years. There is no other such example in the EU,” he said.

Turning to other market issues, he promised that his ministry will unveil specific proposal regarding a growth strategy for the country’s capital market, by the end of the year.

Staikouras spoke at an event entitled “Operational Modernization of Money and Capital Markets.”

Bringing down the “mountain” of “bad debt” held by Greece’s systemic banks was a pressing priority for the government, the central bank (BoG) and ECB, with securitization and expanded provisions used to achieve the reduction.

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