In 2024, the management of «red» loans in Greece has evolved into a mechanism for wealth accumulation for a select few companies, while society grapples with foreclosures, coercive arrangements, and loss of property. The entities known as servicers profit from managing private debt, which they purchase at significantly low prices. According to a statement from the NIKI party, the total turnover for these companies skyrocketed to €543.8 million, with net profits reaching €131.4 million.
The financial performance of key players in this sector is striking:
- QQuant Master Servicer reported a turnover of €40.4 million and net profits of approximately €2.6 million.
- doValue Greece recorded operational revenues of €184.3 million, net profits of €52.4 million, and manages a portfolio valued at €30 billion, which includes securitizations under the state guarantee program «Hercules.» This indicates private profit backed by public guarantees.
- Intrum Hellas showcased revenues of €186.7 million and net profits of €60.8 million, managing portfolios worth €23.7 billion, much of which is also covered by the «Hercules» scheme.
- Cepal Hellas reported revenues of €132.4 million and net profits of €15.6 million, managing portfolios approximately valued at €30 billion.
The data reveals that in just one year, 2024, the funds generated revenues of €5.438 billion, equivalent to the total investment made for the acquisition of all red loans in Greece. This underscores a significant financial shift, with over €100 billion in private wealth being redistributed from households, small and medium-sized enterprises, and other productive units in Greece to foreign funds of unknown ownership structures.
The NIKI party emphasizes the urgent need to abolish foreclosures and advocates for the management of red loans by a public organization dedicated to handling private debt. They call for the elimination of additional charges, usurious interest rates, and commissions, as well as a reevaluation of all red loans sold to funds under opaque and abusive contractual terms.
This situation highlights the pressing need for transparency and reform in the management of private debt in Greece, as the implications for the economy and society are profound.
