Coronavirus: Business loans “freeze” for six months
- Written by E.Tsiliopoulos
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The Greek government and the banks seem to converge to three measures in an effort to support the economy and help businesses in this unpredicted crisis. Meetings are held via video conferencing.
The first measure regarding business loans is the payment of interest only and not capital until the end of September 2020. The measure concerns businesses in affected areas.
The second is interest-free loans to avoid the collapse of businesses in order for affected sectors such as tourism, leisure and catering to survive.
Third, the government has begun negotiations with servicers and the institutions so that halts in payments won’t put the loans in the default category.
At the same time, support will be being given to businesses, with the aim of surviving for the duration of the crisis.
The cost of providing new liquidity is one of the key issues for banks to consult with the supervising authorities.
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