Loans in the red have reached epidemic proportions as is borne out of the annual report from the Bank of Greece, showing they have multiplied six-fold over the last five years.

His job is to assess the state of Greek economy, report on it to the parliament and the prime minister and occasionally do it on the road. Bank of Greece governor Giorgos Provopoulos was in London on Friday to report on the state of the Greek economy, taking part in a series of lectures of the Monetary & Credit Golden Forum in the City.

One in three loans by Greek banks is not being regularly service, according to the Bank of Greece (BoG).