The members of the Hellenic Financial Stability Mechanism (HFSF) resigned on Wednesday in line with demands by Greece΄s creditors to allow overhaul for non-performing bank loans
The resignations of the board members are 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.