Posted on 11/01/2013 4:48:15 AM PDT by DeaconBenjamin
Nonperforming loans (NPLs) have grown this year to more than twice the size of local banks’ capital, as, according to a report by PricewaterhouseCoopers (PwC), they now amount to 65 billion euros, while the capital base of domestic lenders stands at 30 billion euros.
PwC added that the share of bad loans has exceeded 30 percent of all loans issued, up from 25 percent at end-2012 and 18 percent at end-2011.
However, Greek banks are very reluctant to sell their bad assets due to the very low prices that investors are offering. Bank officials have told Kathimerini that the offers they have been quoted would make the sale of bad loan portfolios practically pointless.
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