Support Scheme From Greek Banks Against COVID-19 Outbreak In Greece

• Published date: 18 May 2020
• Author: Eurofast Global Ltd
• Subject Matter: Corporate/Commercial Law, Coronavirus (COVID-19), Corporate and Company Law, Financing, Operational Impacts and Strategy
• Law Firm: Eurofast

The Greek banks have recently unveiled new measures to combat the impact of COVID-19 as listed below:

NATIONAL BANK of GREECE (NBG) measures:

• For medium and large sized companies a deferral of the principal instalments due between March 1st 2020 and December 31st 2020 with an increase on the following instalments or deferral of such instalments until the end of the loan period or of the loan maturity. NBG has renewed all credit lines expiring within the first semester of 2020 until the end of June 2020.
• For small and medium sized companies a deferral of all principal instalments due between March 1st 2020 and December 31st 2020 with a deferral of the loan maturity upon request. Renewal of all credit lines expiring until the end of May 2020 and for three months following their expiration for all small and medium sized companies, including the self-employed.
• For the self-employed who are facing reductions in income as a result of Covid-19, a suspension of all instalments due by September 30th 2020.

ALPHA BANK measures:

• Medium and large sized companies with performing exposures on December 31st, 2019 can be subject to deferral at maturity of principal instalments with due date between March 1st, 2020 and December 31st, 2020, upon request.
• Individuals and self-employed persons who face financial difficulties due to Covid-19 are offered suspension of all instalments until June 30th, 2020.

EUROBANK unveiled on April 7th, 2020 new measures concerning customers with loans and holders of credit performed as at December 31st, 2019 which include:

• For companies with performing exposures as at...