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Greece, EU to talk about bad loans

Greece, EU to talk about bad loans

Talks between the government and the European Commission’s Directorate-General for Competition about banks’ bad loans will begin next week.

The Greek proposal involves creating an asset protection vehicle where 16 billion euros’ worth of bad loans will be transferred and guaranteed by the state.

The European Union’s concern is that the vehicle does not serve as a conduit for illegal state aid to banks. Italy has already tried this approach.

The government expects its plan to be approved by the end of September.