There is a steep Greek debt in private loans in comparison with the country’s GDP, the Greek newspaper Kathimerini reports.
According to the news source, as they break it down the numbers are staggering.
The amount that totals in expired private debt from credit cards and consumer loans from banks adds up to 15 billion euros and is held by some 2 million Greeks.
Also, the bad loans that make up a large part of expired debt come from both individuals and professionals who take loans for small businesses.
According to data presented by Kathimerini, some 420,000 individuals have non-performing loans (NPLs), or loans that they do not pay, resulting in a 26-billion-euro debt, while 350,000 professionals with business loans total 15 billion euros of bad loans, making the possibilities of turning around NPLs difficult if not impossible to reach, the paper explains:
“Debts of the private sector in Greece exceed the country’s gross domestic product, to reach almost 200 billion euros – an amount clearly impossible to be paid off in the foreseeable future.”