Repeating the same mistake twice is generally considered to be a stupid thing to do.
Repeating the same mistake twice, on a far larger scale in a far shorter timeframe is idiocy on such a grand scale that it's worthy of applause.
Let's hear it for Greece.
Here in the land of an already-popped bubble, shattered dreams and a population pushed towards the breaking-point by bankers and their games, one would think a few lessons had been learned.
Greek banker Theodoros Kalantonis, who has survived the worst of times the past six years, said he can finally see the resurrection of home lending.
...
Greece’s four largest banks, encouraged as the economy claws itself out of recession, plan to double mortgage lending this year and may do it again in 2015, according to Kalantonis. Home loan originations in Greece plunged from 15 billion euros at the peak in 2007 to less than 250 million euros ($340 million) last year, he said. Alpha Bank, the country’s fourth largest, and its competitors are counting on the growth rate of non-performing loans to stabilize once a law preventing banks from foreclosing on property is dismantled.
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Poor Greek banker Theodorus Kalantonis. Â We're sure it was hard for him.
But our sympathies aside ... Isn't Greece the land of the non-performing loan?  Did that problem somehow disappear while we weren't paying attention?
Let's take a look: In the first quarter of this year Greek NPL's were... (wait for it)...Â
33.5%
So here's a country which just saw a jaw-dropping NPL rate of 33.5% in the first quarter, now bragging about a "resurrection in home lending" and planning to quadruple of housing loans by next year.
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Repeating the same mistake twice is generally considered to be a stupid thing to do.
Repeating the same mistake twice, on a far larger scale in a far shorter timeframe is idiocy on such a grand scale that it's worthy of applause.
Let's hear it for Greece.
Here in the land of an already-popped bubble, shattered dreams and a population pushed towards the breaking-point by bankers and their games, one would think a few lessons had been learned.
Sadly, no.
Poor Greek banker Theodorus Kalantonis. Â We're sure it was hard for him.
But our sympathies aside ... Isn't Greece the land of the non-performing loan?  Did that problem somehow disappear while we weren't paying attention?
Let's take a look: In the first quarter of this year Greek NPL's were... (wait for it)...Â
33.5%
So here's a country which just saw a jaw-dropping NPL rate of 33.5% in the first quarter, now bragging about a "resurrection in home lending" and planning to quadruple of housing loans by next year.
Read the full post on NotQuant:
http://notquant.com/wtf-greek-banks-to-quadruple-housing-loans-by-next-year/
#housing