Old loans impede Greece's recovery

The Greek economy faces a significant challenge due to the accumulation of approximately 75 billion euros in old non-performing loans, which hinder full economic recovery and impact the ability of businesses and individuals to access financing and investment. About a quarter of the population, or 1.5 million citizens, are disconnected from the banking system, most of whom are small and medium-sized enterprise owners, which obstructs sustainable economic growth in Greece. The roots of this issue date back to 2015 when a legal framework was established for transferring bad debts, but it remained stalled due to administrative complexities and legal disputes. The government expects to settle these issues by 2028, but actual progress will require more than five years.

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