Tuesday June 30, 2015 Search
Weather | Athens
14o C
09o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Firms hit by slow cash flow

By Leonidas Stergiou

Thousands of Greek businesses are facing the specter of bankruptcy, unable to service bank loans and liabilities to suppliers with increasingly meager turnover and profits.

According to Hellastat, which processed the balance sheets of 52,000 enterprises between 2002 and 2011, about 50 percent of operating profits today go to pay banks and suppliers, compared to about 30 percent before 2008.

In a sample of 15,000 firms of all sizes and activities, aggregate sales fell 4.66 billion euros in 2011. Within four years, businesses lost 25 percent of turnover and 50 percent of profits.

Exempting very large businesses and organizations, the figures show that total outstanding loan liabilities fell 18 percent to 35.8 billion euros in 2011. The number of companies in debt in 2011 was 36.6 percent, 15 percent lower than in 2010.

It is important to stress that among small and mid-sized enterprises, the rate of those with access to bank funding does not exceed 20 percent, said Hellastat CEO Panos Michalopoulos.

ekathimerini.com , Saturday August 4, 2012 (17:53)  
Greeks check goods online, buy at stores
Closure of countrys banks leads commerce to grind to a halt
Public coffers run dry as taxes go unpaid
ATHEX: No trade until next Tuesday at the earliest
Tsipras says no vote will help talks but yes will prompt political developments
Prime Minister Alexis Tsipras indicated on Monday that Greece was still open to an agreement with creditors, even at the 11th hour, made it all but clear that a payment due on Tuesday to t...
EU officials say referendum is on euro or drachma
A number of European leaders warned Greece on Monday that Greeks face a choice between the euro and the drachma when they go to vote on Sunday, regardless of the government insisting that a ...
Inside News
SOCCER
English keeper Steele stays with Panathinaikos
English goalkeeper Luke Steele has extended his contract with Panathinaikos until the summer of 2018, the Greek Super League club announced on Monday. Former England youth international Stee...
VOLLEYBALL
Great wall of China insurmountable for Greece
The Greek mens national volleyball came mighty close to snatching a spot in the Final-Four of the World Leagues third division, but eventually succumbed to China in front of some 4,000 fan...
Inside Sports
Switching the rules for the referendum
The legislative decree that the government just issued changes in its favor the rules that apply for the carrying out referendums. It states that if it is not possible to put together one s...
COMMENTARY
Playing the last chips
Prime Minister Alexis Tsipras played his last chips and the country is already experiencing the results. If he has come to terms with the idea of Greece returning to the drachma then you can...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Tsipras says no vote will help talks but yes will prompt political developments
2. Greeks check goods online, buy at stores
3. Closure of countrys banks leads commerce to grind to a halt
4. Public coffers run dry as taxes go unpaid
5. ATHEX: No trade until next Tuesday at the earliest
6. Double default day for Greece?
more news
Today
This Week
1. Greek government says no limit on bank withdrawals for foreign tourists
2. Playing the last chips
3. Poll shows chances of Greece euro exit balancing on knife's edge
4. Referendum asks Greeks simply to accept or reject creditors' plan
5. Cautious Merkel on verge of biggest risk with 'Grexit'
6. ECB rejected Greek funding line request for extra 6 bln euros, say sources
Today
This Week
1. Greek government says no limit on bank withdrawals for foreign tourists
2. Greek referendum offer is more con than democracy
3. Greek negotiators learned of referendum proposal from Twitter
4. Greeks want to stay in eurozone, two polls show
5. A decision with no preparation
6. Europe, a big phony
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2015, H KAΘHMEPINH All Rights Reserved.