July 9, 2019 / 12:54 PM / a month ago

Plans to slash Greek bank sour loan pile is ambitious, says source

ATHENS, July 9 (Reuters) - Plans by Greek banks to reduce sour loans by 54 billion euros ($60.50 billion) by the end of 2021 is ‘ambitious’, a source familiar with the situation in the country’s banking sector said on Tuesday.

“They must work hard to achieve it,” the source said.

Soured loans are the biggest challenge facing Greek banks, the legacy of a multi-year debt crisis that shrank the economy by a quarter and drove unemployment to a high of nearly 28 percent in 2013.

$1 = 0.8926 euros Reporting by George Georgiopoulos

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