July credit contraction at 1.5 pct, slowest since Aug 2011

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

Greek bank credit contracted at a decelerating pace for the fourth straight month in July, when it decreased by 1.5 percent from 1.7 percent in June, according to the Bank of Greece (BoG).

The July rate is the slowest decline since August 2011, when loan contraction stood at 1.3 percent and was the last sub-2 percent reading.

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