Greek banks given 10 days to reduce interest rates on new loans

Greek Finance Minister Christos Staikouras has given the banks 10 days to “immediately and bravely” increase interest rates on deposits and reduce interest rates on new loans after describing the 4.86% interest rate on new loans in October as unacceptable.

Speaking to SKAI TV on Saturday, the minister said that “the average interest rate on new deposits is stable at 0.05%. The average interest rate on new loans in October increased by 0.26% and is now at 4.86%, adding that this is unacceptable.”

“They should raise deposit rates immediately and significantly, and reduce the interest rate on new loans,” Staikouras added.

According to the minister, a second very important chapter concerns bank commissions.

“Banks charge Greek citizens a lot, and they don’t pay them what they should. I have asked them to re-evaluate within 10 days the commission on 12 specific services,” he said.

Staikouras also clarified that there is significant progress regarding the extrajudicial mechanism.