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Friday, March 01, 2013 1:20 PM

84% of Greeks, 90% of Greek Businesses Have Difficulty Repaying Loans

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Think Greece has been "saved" by the Troika? A quick look at some loan repayment stats may help you think clearly. Please consider More than 80 pct of Greeks are having difficulties repaying loans.

At least eight in every 10 citizens who have taken out a loan are having trouble with repayment, while the problem is greater among households with children and those from the lower social strata, according to a survey conducted by Public Issue for the 2012 period.

Over three in four households (78 percent) said they are having problems in paying their installments to banks, while [an additional] 6 percent say they are totally unable to do so. This total of 84 percent is far higher than the respective rate of 60 percent in 2009, before the country entered the fiscal streamlining process. Ninety percent of corporate loans are facing servicing problems while 86 percent of consumer loans are not paid on time.
Greek Banks Insolvent

That loan data highlights what any clear-thinking person already knows: Greek banks are insolvent and will be in need of still more recapitalization.

Mike "Mish" Shedlock

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