By Vassilis Kostoulas
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@VasKostoulas
A noted Greek economist and academic this week called for the immediate sale of non-performing loans in the country – estimated to total a whopping 80 billion euros – to foreign funds as a way of benefiting all sides and particularly the recession-plagued country's “real economy”.
In comments to “N”, University of Aegean Professor Ioannis Tsamourgelis said NPLs sale and management by outside funds – and not by Greece’s recently recapitalized four systemic banks --
is a “very necessary solution” to the problem faced by domestic lenders and low rates of liquidity.
In a related development, Economy Minister Giorgos Stathakis on Friday confirmed that the government and institutional creditors continue to disagree over the NPLs issue. Stathakis confirmed that creditors – the “quartet” – insist on Athens allowing the sale of NPLs to foreign funds.
In a Delphic statement, nevertheless, Stathakis added that this is not a prospect that the leftist government will allow, given that the licensing framework in Greece for corporate entities wishing to enter the NPLs market is “very strict”.
