The bill on regulating “red” loans will be ready by the end of October, Deputy Finance Minister George Zavvos announced.

According to the Ministry of Finance, this is a systematic, long-term solution to the radical redress of loans, that will not burden the Greek taxpayer and the state budget.

Mr. Zavvos said that government guarantees worth 9 billion euros would be able to clear the “red” loans totaling 30 billion euros over an 18-month period.