Economy

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Photo by MacroPolis Post-Covid era dawns on new landscape for bad debt in Greece

By: Georgia Nakou

At the peak of the Greek financial crisis, Greek banks had accumulated over 100 billion euros of bad loans. At the time, almost half of their outstanding loan amounts fell into this category, with borrowers falling behind on their repayments or deemed as being unlikely to pay.

Photo by Panayiotis Tzamaros/Fosphotos Primary cash balance deficit at 8.23 bln in May

Greece’s central government recorded a primary cash balance deficit of 8.23 billion euros in the first five months of the year, according to figures released by the Bank of Greece.

Photo by MacroPolis PBO ups growth estimate to 3.6-4.8 pct, warns of complacency and inequality risks

Following the positive developments in the first quarter of the year, when the economy only shrank by 2.3 pct on an annual basis, in its latest quarterly report the Parliamentary Budget Office shifted from its previous baseline scenario of annual growth of 2.7 pct, to the positive range of growth of 3.6 to 4.8 pct in 2021.

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