Greece’s bad loan legacy leaves 1.5 million locked out of bank credit

When Greece’s debt crisis struck in 2009, George, owner of a jewellery shop outside Athens, found himself saddled with a new €100,000 loan just as his business turnover plummeted.

As the Greek financial sector collapsed, the loan was passed from bank to bank before ending up with a credit servicing company that refused his request to pay in more affordable instalments. The dispute went to court, where it remains today, stuck in a legal system overwhelmed by hundreds of thousands of similar...