A marathon meeting between them and the creditors ended on Friday morning without any conclusion regarding “red” loans.
Government circles estimate that the agreement is on the cards, so that Greece can receive the 1 billion euros sub-tranche. Regarding bad loans, the speculate that some sort of “formula” has been developed towards an agreement and, for the time being, it will only apply to business non-performing loans.
A new arrangement next year, in the framework of the first evaluation, will specify home loans.
This bill is also to be passed by next Tuesday.
51% of the share capital of ADMIE in public ownership
Meanwhile, representatives from the Ministry of Environment and Energy and the creditors, decided that the energy trasmission branch will be separated from the Greek PPC and transferred to a 100% public subsidiary company.
The Greek state retains control of the majority of PPC’s shares (51%), while the rest (49%) will be sold to a strategic investor (a respective European company) and introduced to the stock market.
Regarding the management, the negotiating parts determined that the board of directors shall reflect the shareholding structure, as is the case in any public limited company (the state has the majority voting), while the CEO appointment must be agreed with the strategic investor.
The amount that will be reimbursed to PPC (DEI) for the separation of the energy trasmission branch will be estimated by an independent part and it will also include 400 million euros to settle intra-group outstanding debt.