Bulgarian bad and restructured loans rose to the record high 24.43% of total lending at the end of April, amounting to BGN 9.74 B, shows central bank data.
This marks an increase by BGN 2B in comparison with the same period last year.
The Bulgarian banking system is concentrated, with most of the assets owned by large financial institutions from the eurozone. Greek banks control about 28% of banks' total assets in Bulgaria....
From what I can guess from observation, Greek banks in Bg are borrowing from the LTRO to buy back NPL's from the insolvency framework. In other words, covering up massive losses on property loans. If these losses were realised, I suspect that the entire banking system would be insolvent. Furthermore, one has to wonder if Greek banks are going to try and repatriate some of this capital before anybody notices, especially in the event that they leave the Euro. In any case, Bg will be left with catastrophic losses at some point in the future.
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