Persistently high non-performing exposures (NPLs) in several European countries pose significant challenges to financial stability and are likely weighing on credit growth and economic activity. This paper, which summarizes a detailed IMF analysis (IMF SDN/15/19), examines the structural obstacles that discourage European banks from addressing their problem loans. It argues that a comprehensive approach comprising […]
Jose M. Garrido
Jose Garrido is Senior Counsel in the IMF's Legal Department and coordinator of the Working Group on insolvency and creditor rights. He is a specialist in insolvency and debt restructuring, with ample comparative experience.