Greece crisis costs banks 100 billion euros
Monday, February 10, 2014
ATHENS - Non-performing loan volume and debt restructuring has cost Greece's local banking sector approximately 100 billion euros since 2009.
According to local media, Greek banks lost 45.3 billion euros in loans to state institutions, and saw losses of nearly 45 billion euros from toxic loans.
Banks also lost 10 billion euros from the voluntary buyback of their bonds, while lenders lost an estimated 28.3 billion euros in 2011 alone.
Greece fell into recession after the collapse of U.S. Bank Lehman Brothers in 2008, which sparked a euro-wide debt crisis the following year. The European Union and IMF provided 110 billion euros in bailout loans to Greece to help the government pay its creditors in 2010.
Last year, the EU estimated that Greece would emerge from its recession in 2014 and projected solid growth of 2.9 percent by 2015, if Greece maintains on its current path.
Copyright © 2014 Anadolu Agency