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Some 52 billion Turkish Liras ($14.3 billion) in loans and credit card debts were restructured in Turkey in September 2016, said the head of a top sector association, adding that this was a huge figure and that the sector achieved a great success by implementing the restructuring.

Greece's power utility Public Power Corp. secured initial approval for a 200 million euro ($210.5 million) bank loan by the country's main lenders, it said on Wednesday.

The banks are expected to notify PPC on the final terms for the new syndicated loan before it is signed, PPC said in a bourse filing.

An Economy Ministry bill published on Tuesday concerning out-of-court debt settlements provides for the payment of dues according to the corporation's or entrepreneur's ability to do so, with the writeoff of the rest of the arrears at the end of an agreed period.

Twenty-one percent of all nonperforming loans in Greek banks' portfolios, worth more than 10 billion euros, concern borrowers who will not pay their dues despite being able to in anticipation of some form of favorable arrangement.

Nonperforming loans extended to businesses have become a Gordian knot that must be severed, and as soon as possible.

The Greek banking system is burdened with dozens of zombie companies that have been allowed to stumble along over the past few years doing nothing but sucking on what little lifeblood there is left in the market.

Greek banks will write off debts of 3 billion euros from nonperforming mortgage, consumer and small corporate loans by the end of the year. By the end of 2019, the amount to be struck off is expected to total 14 billion euros.

Ratings agency Fitch downgraded Turkey's sovereign debt to "junk" late on Jan. 27, snuffing out its last remaining investment grade by underlining deepening concerns over the country's political and security developments.

"Political and security developments have undermined economic performance and institutional independence," Fitch said in a statement.

According to data of the Bulgarian National Audit Office, 56 municipalities face financial difficulties due to large installments for the repayment of their debt, small revenues and weak control.

More than half of the country's taxpayers owe money to the cash-strapped Greek state, according to the Finance Ministry's General Secretariat of Public Revenues.

Fresh data show that 4.3 million taxpayers have accrued debts in excess of 94 billion euros, prompting authorities to take collection measures (seizures of deposits and assets) against 826,211 taxpayers.

Greece's participation in the Economic and Monetary Union and the favorable conditions this brought led to its economy growing at a rapid pace. This growth was based mainly on domestic demand and consumption was instrumental, being fed by both public and private lending.