Rate of credit contraction rises to 3.7 pct in July, balances fall

EconomyMacroeconomy Tags: Banking, BoG, Loans
Photo by MacroPolis
Photo by MacroPolis

The rate of drop in Greek credit to the private sector accelerated to 3.7 percent in July from 3.5 percent in June, according to the Bank of Greece (BoG). Balances fell to 213.86 billion euros in July from 214.81 billion a month ago.

Monthly net deductions rose to 1.16 billion euros in July, which is the highest monthly reading since May 2013. In June, net deductions stood at 324 million. The negative flow in July mainly stems from the corporate sector (707 million), while housing l...

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