B. Non-performing loans (NPLs) and developments in the banking sector With about € billion in non-performing loans (NPLs) as of mid-2019, equivalent to 43.6% of all loans, Greece remains a crucial testing ground for the strategy of “risk reduction” in the euro area. Although economic activity resumed in 2017, higher and sustainable growth rates require the end of banks’ deleveraging.
Graph 10  Australia’s Terms of Trade* 2018/19 = 100 index  index  120  120  100  100  80  80  60  60  40  1901 *  1941  1981  40 2021  Annual data from 1870 to 1959; quarterly data from September 1959 Sources: ABS; Gillitzer and Kearns (2005); RBA  Graph 11  Rural Commodity Prices January 2016 = 100, SDR index  Total  index  Beef  125  125  100  100  index  Lamb  index  Wheat  150  150  100  100  50  50  2018  2021  2018  2021  Sources: Bloomberg; Landmark; MLA; RBA  These higher commodity prices are welcome news and they are helping the national recovery.