The Greek finance ministry has given the Hellenic Financial Stability Fund approval to create a guarantee mechanism for the partial transfer of a bank's soured loans, Ekathimerini reported Oct. 31, citing the bailout fund's CEO, Martin Czurda.
The initiative is part of an effort to contain Greek lenders' nonperforming exposures, according to the report.
Czurda added the program the fund is working on should be based on the Italian model, as it will securitize bad debt of between €10 billion and €15 billion.
