Friday April 25, 2014 Search
Weather | Athens
21o C
15o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
ECB says private lending contracted for ninth month in January

By Jana Randow

Lending to households and companies in the euro area shrank for a ninth month in January as the recession damped demand for credit.

Loans to the private sector fell 0.9 percent from a year earlier after dropping and annual 0.7 percent in December, the Frankfurt-based European Central Bank said today. Loans fell 0.1 percent in the month.

The 17-nation euro region is battling its second recession in four years as governments from Greece to Spain rein in spending to cut excessive deficits. There are signs that parts of the economy are beginning to recover. Business confidence in Germany jumped to a 10-month high in February and the Bundesbank predicts Europes largest economy will return to growth in the current quarter.

Demand for credit remains weak for now but should improve somewhat in the second half of the year, said Holger Sandte, chief European analyst at Nordea Bank AB in Copenhagen. Still, we wont see a credit boom. The economic recovery will be bumpy and the overall environment rather difficult.

The ECB kept its benchmark interest rate at a record low of 0.75 percent this month. President Mario Draghi said on Feb. 7 he expects the euro economy to recover gradually in the course of 2013. The central bank predicts the economy will shrink 0.3 percent this year and grow 1.2 percent in 2014.

The rate of growth in M3 money supply, which the ECB uses as a gauge of future inflation, rose to 3.5 percent in January from 3.4 percent in December, the ECB said today.

M3 grew 3.5 percent in the three months through January from the same period a year earlier. M3 is the broadest gauge of money supply and includes cash in circulation, some forms of savings and money-market holdings. [Bloomberg]

ekathimerini.com , Wednesday February 27, 2013 (11:45)  
Ellaktor lands major Doha metro project
World seeks produce from Greece
Eurobank opens book for capital increase
Govt presents its growth model for the coming years
Work at new Athens cultural center gathering pace
It was revealed on Thursday that the outer shell of buildings at the Stavros Niarchos Foundation Cultural Center should be completed by July 28. The planting of trees and shrubs on the 17-he...
Greece makes request for debt relief as loan tranche approved
Greece made its first official request on Thursday for further debt relief as the Euro Working Group (EWG) met in Brussels to rubber-stamp the 2013 primary surplus and approve the release of...
Inside News
SOCCER
4,000 officers to police Greek Cup final
Police says it will ban mass gatherings in central Athens amid heavy security measures planned for Saturday's Greek Cup final between Panathinaikos and PAOK at the Olympic Stadium. More than...
BASKETBALL
Never underestimate the Greek hoopsters
Olympiakos and Panathinaikos, who between them have won the last three European crowns, won again at home on Wednesday to take their Euroleague play-off series with Real Madrid and CSKA Mosc...
Inside Sports
COMMENTARY
At the mercy of fools
The death of a young man at an Easter lunch in a village near Rethymno on Crete and the very serious injury of an American guest at a Resurrection ceremony on Santorini must not be forgotten...
COMMENTARY
Putting the party above the country
The case of Sabiha Suleiman, the Roma activist whose candidacy for the European Parliament was announced by SYRIZA only to be withdrawn shortly afterward, is an illustration of the leftist o...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Ellaktor lands major Doha metro project
2. World seeks produce from Greece
3. Eurobank opens book for capital increase
4. Govt presents its growth model for the coming years
5. Work at new Athens cultural center gathering pace
6. Greece makes request for debt relief as loan tranche approved
more news
Today
This Week
1. Ellaktor lands major Doha metro project
2. Putting the party above the country
3. Three missing from cargo ship that went down off Crete
4. Central Athens cleanup a sign of Greece's turnaround
5. Strong card in debt talks
6. Samaras meeting with Dimon key to Greek return to bond markets
Today
This Week
1. Greece startup leaders say they cant break jobless cycle alone
2. Ground-breaking Good Friday mass signals thaw in Cyprus
3. Mayoral candidates clash over Athens mosque plans
4. Putting the party above the country
5. Government looks to kick on
6. Greece offers to help find Turkish F-16 lost in 1996
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.