Over 1/4 of Greeks Indebted, Outstanding Loans Valued at EUR 67 B

Finance | July 21, 2014, Monday // 14:30|  views

Photo by BGNES

More than 2.5 million people in Greece are in delinquency, with overdue loans estimated at EUR 67.25 B, Greek electronic media outlets report.

Website Ethnos, as cited by the Bulgarian News Agency (BTA), writes that "hostages" to the tax authorities include 2.5 million Greeks whose debts to the state grow rapidly every month.

The continued tax increases, drastic salary and pension cuts, unemployment and bankruptcy of firms in the last 4 years have led millions of households and enterprises into a state of economic deadlock, to illiquidity and the inability to find a way to meet their financial obligations, Ethnos comments.

According to the newspaper Imerisia, it is quite indicative that the value of debts outstanding has risen by EUR 33.75 B since the beginning of 2010.

It notes their increase in the middle of the crisis "chokes" the real economy, severely hampering growth efforts.

Many live in fear that their property may even be frozen.

Each day 4 000 new freezings of property are initiated in the banks, and debts to be paid until the end of the year are valued at EUR 11 B

A solution to the problem with the outstanding debt is among the requirements set by international investors if financing of Greece is to continue.

The Epikera magazine alarms that two-thirds of firms in Greece are in trouble as they cannot meet their obligations.

Epikera specifies that the troubling statistics were presented at a discussion organized by the Central Bank on the topic of rising problematic loans of firms.

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Tags: greece, Greeks, debts, delinquency, illiquidity, outstanding debt


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