October 10, 2019 / 7:29 AM / 13 days ago

Greece secures EU's approval on scheme to handle banks soured loans

ATHENS (Reuters) - Greece secured on Thursday approval from the European Commission to a plan to help Greek banks offload part of their bad debt, the finance ministry said.

Dubbed the Hercules Asset Protection Scheme (HAPS), the plan is similar to Italy’s GACS model and crafted to help lenders offload bad debt by wrapping it into asset backed securities.

The Greek finance ministry said that European Commission on Thursday approved the scheme, which will not burden taxpayers or the country’s state budget.

Reporting by Angeliki Koutantou and Michele Kambas

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