Piraeus Bank may have leapfrogged Greece’s three largest banks in a year to become the country’s biggest lender, but its bad loan book would have most bankers reaching for the smelling salts.

In the three months to the end of June, 33% of its loans were non-performing - defined as payments late by 90 days or more. Its deputy chief executive Anthimos Thomopoulos believes worse is to come. By his estimation, bad loans will peak at somewhere between 35% and 40%.