Greece remains credit starved in April


Credit growth in Greece remained deep in the red in April as the country's banks continue to struggle with billions of euros of bad loans left on their balance sheets from the economy's eight year downturn.

Data from the Bank of Greece - the country's central bank - on Monday show that credit growth to the broader economy in April stood at -1.6%, versus -1.7% in March and -1.9% in February.

After being recapitalised three times in four years, more than one in two loans held by Greek banks are non performing, amounting to some 100 billion euros.

Greece's economic problems have prompted banks to keep the lending tap firmly shut since 2011. However, real estate brokers have reported a slight uptick in demand for homes recently but said the banks are refusing to provide any finance to back the deal.

#creditgrowth #banks #BankofGreece

© 2019 by The Greek Guru. 

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