Her approval EU for its extension “Hercules” exposes the opposition, refers to today announcement of the Ministry of National Economy and Finance.

As noted, the European Commission officially announced today the approval of the extension of “Hercules” for the reduction of non-performing loans of Greek banks, until the end of 2024.

The EU’s decision was taken following a negotiation with the government that was concluded recently.

The relevant statement of Commissioner Didier Reynders, responsible for competition policy, is noted, according to which: “The Hercules regime has already successfully contributed to removing the burden of non-performing loans from the balance sheets of Greek banks. Its reinstatement will now allow Greece to provide further guarantees in line with market conditions, which will not distort competition. This, in turn, will allow Greek banks to focus on their contribution to the development of the Greek economy.”

The Minister of National Economy and Finance Kostis Hatzidakis said: “The expansion of “Heracles” is a positive development for the banking system and the Greek economy. It is possible to further reduce non-performing loans with purchase conditions that ensure – as the Commission recognizes in its decision – that the measure does not constitute state aid. The decision of the European Commission once again exposes the opposition officials who disagree with “Hercules” without, as usual, counter-proposing realistic measures that will lead to a reduction of non-performing loans in the banks. The government is also moving forward on this issue in the European way, with beneficial arrangements for everyone: borrowers, the State and banks.”

It is noted that the relevant regulation has already been included in the draft law “Loans: Transparency, competition, protection of the vulnerable – Incorporation of Directive (EU) 2021/2167, reintroduction of the “HERAKLES” program and other urgent provisions” which is being discussed in the Parliament.