UPDATE 2-EU clears Greek Hercules plan to cut $33 billion bad loans

UPDATE 2-EU clears Greek Hercules plan to cut $  33 billion bad loansBRUSSELS/ATHENS, Oct 10 (Reuters) – Plans to cut bad loans at Greek banks by up to 30 billion euros ($ 33 billion) gained approval on Thursday from the European Union, which said they did not violate state aid rules. Bankers told Reuters last month that they expected a green light from the European Commision for the scheme, that will help Greek banks offload the non-performing loans weighing on them.



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