Greek bank to eliminate poor clients’ debts
A major bank in debt-ridden Greece has decided to eliminate the debts of customers who owe as much as 20,000 euros (about USD 21,600), in a gesture aimed at easing the burden on its clients living in poor circumstances.
The Bank of Piraeus said in a statement Friday that the company would either write off or restructure debts, as a response to “the humanitarian crisis.”
The statement said for those enrolled in a newly-launched government benefits scheme, debts as high as 20,000 euros would be written off completely. It added that mortgage payments would be frozen, while associated interest would also be forgiven.
The Bank of Piraeus is one of the few financial institutions which did not abandon its position following the leftist Syriza Party’s victory in January.
Greek banks are in desperate need of liquidity, as customers withdrew some 25 billion euros between last December and late February.
Earlier in the day, the European Union criticized Greece for what it called the country’s lack of sufficient progress toward a debt deal between Athens and its international creditors.
Athens received two bailouts in 2010 and 2012 worth a total of 240 billion euros (USD 272 billion) from international lenders following Greece’s 2009 economic crisis, which led to a sharp rise in unemployment and slashed salaries for many people.
Greece is seeking to receive the last tranche of its bailout, worth 7.2 billion euros (USD 7.8 billion), in order to repay its debts to the International Monetary Fund and the European Central Bank.
Athens is currently locked in talks with the EU and the International Monetary Fund over a list of reforms it is expected to carry out.
SZH/HSN/HMV
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