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Society

IMF Tells Greek Banks to Reduce Bad Loans, Political Parties Exempt

October 15, 2017

ATHENS – Greek bank clients who can’t pay what they owe in credit cards, loans and mortgages will continue to be haunted by collectors while New Democracy and the former PASOK aren’t being pursued and the bank officials who gave them 250 million euros ($295.53 million) were granted immunity from prosecution.

The Washington, D.C.-based International Monetary Fund, one of the county’s creditors for 326 billion euros ($385.37 million) in three bailouts pushed the ruling Radical Left SYRIZA-led government to get banks to cut down the mountain of so-called Non-Performing Loans (NPL’s) cutting into the institutions value and standing, said the business newspaper Naftermporiki.

The government, which has promised to protect homeowners, has authorized banks to foreclosure on homes electronically to prevent protesters from blocking public auctions.

The loans and foreclosures were on the table in Washington in a meeting between IMF officials and the Hellenic Bank Association (HBA), the paper said.

The meeting came after Greek bankers’ representatives met with IMF Managing Director Christine Lagarde in London earlier this month.

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