UPDATE 2-EU clears Greek Hercules plan to cut $33 billion bad loans [Yahoo! Finance News]
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Source: Yahoo! Finance News
UPDATE 2-EU clears Greek Hercules plan to cut $33 billion bad loans * Hercules scheme to cut bad loans by 30 bln euros * EU says scheme does not violate state aid rules * Banks to pay annual fees for senior tranche guarantees ds comments from Greek officials, details) By Robin Emmott and George Georgiopoulos BRUSSELS/ATHENS, Oct 10 ) - Plans to cut bad loans at Greek banks by up to 30 billion euros $33 billion) gained approval on Thursday from the European Union, which said they did not violate state aid rules. Bankers told last month that they expected a green light from the European Commision for the scheme, that will help Greek banks offload the non-performing loans weighing on them. The Hercules Asset Protection Scheme aims to bring down the amount of bad loans, without distorting the market through government subsidies. The European Commission said in a statement it had found "Greek plans aimed at supporting the reduction of non-performing loans of Greek banks to be free of any
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