Investor Presentaiton
THE AUTHORITIES REMAIN COMMITTED TO A BROADER AGENDA OF
STRUCTURAL REFORMS
The authorities will pursue their efforts on structural reforms - most notably on the banking sector and on the
privatization program - so as to increase private investment and enhance Greece growth potential. These
reforms would also ensure the timely and successful completion of the EU post-program monitoring by 2022
Strengthening of the banking sector
✓ The Hercules scheme is efficiently supporting Greek banks in
reducing their stock of NPLs
NPL securitizations are supported by a State guarantee on the senior
tranche issued as part of the transaction
This scheme supported the reduction in NPL ratio from 48.5% in 2016 to
30.3% in March 2021
In April 2021, the scheme was extended for 18 months with a total
budget EUR 24bn
The Insolvency Code will improve the efficiency of procedures for:
Businesses: streamlining administrative procedures for resolution
Consumers: removing undue protections for non-compliant debtors,
addressing the issue of recurring non-payments
The successful capital increases of Piraeus Bank (EUR 1.4bn - April
2021) and Alpha Bank (EUR 0.8bn July 2021) further confirm the
increased attractiveness of Greek banks
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Continuing structural reforms and privatizations
The Greek State will proceed with major privatization transactions in
the coming months on strategic sectors
The authorities also intend to keep up the pace structural reforms,
related to labor market, public administration and social welfare.
These will be articulated with the Greece 2.0 program
RECENT NPL TRANSACTIONS
Bank
Project
GBV (€bn)
Type
Date
Eurobank
Cairo
c. 7.4
PIRAEUS BANK
Diversified
Q2-20
ALPHA BANK
Galaxy
c. 10.8
Retail secured / Wholesale Q1-21
Phoenix
c. 1.9
Residential mortgage
Q1-21
Vega
c. 4.9
Commercial and residential Q1-21
Frontier
c. 6.0
c. 31.0
NATIONAL BANK
OPGREECE
Total
Source: Banks
Key privatizations contemplated
Diversified
Energy: Public Gas Corporation (DEPA) Infrastructure;
Underground natural gas storage South Kavala
Regional ports: Alexandroupolis; Kavala; Igoumenitsa
Motorway concessions: Egnatia Odos; Attiki Odos
Q1-21
Real estate: development of properties in Gournes; "PYRKAL"
Other: Skaramanga shipyards, LARCO mining company,
Hellenic Aerospace Industry (EAV)
|| RECOVERY OF THE GREEK ECONOMY
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