BoG governor urges rapid implementation of plan to reduce NPLs

Bank of Greece governor Yannis Stournaras on Wednesday urged the government to speed up a plan for the reduction of non-performing loans.

Speaking to reporters, the Greek central banker noted it was necessary to rapidly promote a plan to reduce NPLs and said that a plan drafted by the Finance Stability Fund could be set in motion initially ahead of the introduction of a Bank of Greece plan. He said that the pending issue of NPLs was causing intense instability in markets and large fluctuations of bank share prices. Stournaras said it was positive a Cypriot model promoted to relief indebted households unable to meet their obligations. However, he stressed that both plans were necessary to be approved by the DG Comp of the European Commission.