Board of HFSF resigns to allow overhaul for non-peforming bank loans

The members of the Hellenic Financial Stability Mechanism resigned on Wednesday in line with demands by Greece's creditors that the organization be overhauled to focus on the management of non-performing bank loans.

The resignations of the board members is to be effective as of July 18 after which a new composition for the board is to be decided.

One of the several prior actions demanded by Greece's creditors is that the HFSF be re-staffed to oversee the management of non-performing loans which amount to around 110 billion euros, roughly half of all bank loans.