Business German Banks Review Greek Shipping Loans

German Banks Review Greek Shipping Loans

fee1bf052d49b8230162f9a6b80659f1_XLGreece’s shipping industry is the world’s biggest and been enjoying prosperity even during a crushing economic crisis in the country as they avoid paying taxes, but that’s not enough to convince German banks to reduce their exposure toward lending them money.

German banks doubt that the Greek economy will begin to recover until 2015 at the soonest although some analysts said it will take a lot longer than that and the doubt is making the bankers skittish.

It was reported that loans are being fundamentally reviewed with the aim to sell those boats whose loans are not being totally or even partially serviced. The German banks have adopted such a policy in order to minimize their losses.

Their clientele includes many Greek shipowners whose vessels face being confiscated while Greek banks have largely stopped lending because of a 42 percent default rate on loans and while awaiting more recapitalization funds from the state.


Related Posts

Greece Develops Plan to Attract Digital Nomads

Greece is developing a package of initiatives designed to form a comprehensive plan for persuading so-called "digital nomads" to base themselves in the country

European Arrest Warrant Issued for Greek Neo-Nazi Fugitive Pappas

A European arrest warrant was issued on Tuesday for Christos Pappas, the neo-Nazi former lawmaker, who is on the run after his conviction in October 2020.

Convicted Terrorist Koufodinas on Hunger Strike for 45 Days

Convicted terrorist Dimitris Koufodinas, who has been on hunger strike for 45 days announced on Monday he will stop drinking water too.