Bulgaria ranks fifth in the EU when it comes to bad credit loans, which reached 12.1 percent of all loans as of June last year at the backdrop of an average EU level of 4.6 percent. This is what a report by the European Commission shows, as quoted by Sega Daily.
The EC has criticized Bulgaria several times over the issue, forcing banks to take urgent measures to clear their bad portfolios. According to data of the Association of Banks in Bulgaria as of September 2017, non-performing loans declined to 11.7 pertcent. In financial terms this amounts to over 3.3 billion euros.
The top positions in the bad loan chart go to Greece with 46.9 percent, followed by Cyprus with 33.4 percent, Portugal with 15.5% and Italy with 12.2%.
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