Banks offer borrowers haircuts of up to 90 pct

Greek lenders are proposing huge haircuts, ranging from 70 to 90 percent, for borrowers with debts from consumer loans, credit cards or small business loans without collateral. In the context of the sale of a 2.5-billion-euro bad-loan portfolio named Venus, Alpha Bank is using the incentive of major haircuts in letters it has sent to some 156,000 debtors. The fact that this concerns some 240,000 bad loans means that some debtors may have two or three overdue loans. Source Ekathimerini


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