ShippingWatch

Greek banks looking to divest billion dollar shipping debt

Greek banks are trying to massively offload the banks' billion dollar debt to the shipping industry, according to Reuters. This is caused by factors including a fear that Greece could be thrown out of the Euro Zone.

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Pressured Greek banks are trying to severely reduce billion dollar loans to the country's shipping industry - which has world's largest commercial fleet - reports Reuters, based on information from sources in the banking and shipping sectors in Greece.

There seems to be a growing fear that Greece could end up being thrown out of the Euro Zone, if the government is not able to reach permanent agreements with the other EU member states concerning the Greek economy and the country's huge debt, which is a key reason behind the activity that has Greek banks working overtime.

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