Piraeus Bank CEO Christos Megalou on Tuesday said Greece’s four systemic banks, his own included, have agreed to reduce “bad debt” by 50 billion euros until the end of 2021.
Megalou referred to a massive number, equaling almost 30 percent of Greece’s current GDP, but a target he said the four are determined to meet, and, if possible, exceed.
Speaking in the northwest city of Ioannina, the top Piraeus Bank executive said the efforts to reduce NPLs plaguing banks’ balance sheets will not prevent them from financing the recession-battered Greek economy.
“We’re willing to finance any project that is financeable,” he said.
