BUSINESS

Bankruptcies set for 8 pct drop in 2019

DIMITRA MANIFAVA

TAGS: Economy

Greece is expected to show the biggest decline in corporate bankruptcies this year among 22 countries, mostly European, monitored in this respect by credit insurance company Atradius.

The firm estimates in a report that bankruptcies in Greece will post an 8 percent decline this year from 2018, while on the global level bankruptcies are projected to increase by 2.8 percent from last year.

The big reduction in Greece is related to the fact there was a major increase in bankruptcies during the decade-long economic crisis: In 2009 there was a 68 percent rise in the number of companies shutting down, while in 2012 and 2013 the increase came to 19 percent and 31 percent respectively.

Last year bankruptcies in Greece diminished by 13 percent after an 11 percent increase in 2017, Atradius reported. It expects a further decline next year, at a rate of about 4 percent compared to 2019.
 

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