I previously discussed how the operations performed by Eurobank Ergasias (EGFEY) flew under the radar. In fact, when Greece was hit by the COVID-19 outbreak, as the rest of the world was, it was impossible to clearly determine the effect that would have on the bank business, especially in relation to the NPE stock, which is particularly high in Greece. In particular, Eurobank was in the process of closing its Cairo deal, aimed at significantly deleveraging the bank’s NPLs.
This raised reasonable doubts on the viability of the deal itself, especially because the