By N. Bellos
[email protected]
EU Commissioner Pierre Moscovici on Wednesday emphasized that Greek authorities had the initiative in composing the initial as well as the latest draft text governing the sale and management of “bad debt” in the country, values expressed in the banking sector as non-performing loans (NPLs) and non-performing exposures (NPEs).
He was referring to a recently disclosed supplementary memorandum that includes a third chapter entitled “Safeguarding financial stability”, with sub-chapters entitled “Resolution of Non-Performing Loans (NPLs)” and “Monitoring the banks’ non performing exposure”.
Moscovici, who was responding to a tabled question by Greek MEP Nikos Androulakis, said Greek authorities have the initiative in selecting the methods of implementing measures to reduce “bad debt” in the country.
The EU Commissioner and former French finance minister said a MoU between the Commission, the Greek state and the Bank of Greece delineates the framework for reforms and sets the goals, however, the choice of measures and methods of implementation are left with the Greek side to decide.
