Tuesday October 21, 2014 Search
Weather | Athens
24o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Payment delays have cost billions

By Dimitra Manifava

The Greek economy is estimated to have lost out on some 16 billion euros, or just under 9 percent of the countrys expected gross domestic product this year, as a result of delays in state payments to enterprises as well as in transactions between companies in Greece.

Given the lack of alternative liquidity sources at a time when the banking system remains exceptionally cautious, the black hole generated from delayed payments swallows companies, which go bankrupt and jobs are lost.

According to a recent survey by Intrum Justitia, which drafts the European payment Index (EPI), more than half of Greek enterprises (54 percent) have been forced to dismiss employees in order to handle the consequences of the delay in payments, while 68 percent said they would not hire any more employees for the same reason.

Antti Peltomaki, deputy director general of the Enterprise and Industry Directorate-General of the European Commission, told a seminar in Athens on Friday that the phenomenon is not exclusively Greek, but European, with some 360 billion euros lost from the European Union economy in 2013, according to estimates.

ekathimerini.com , Friday June 27, 2014 (22:23)  
Credit sector officials sleeping easy ahead of stress test results
Certainty on primary surplus target
Feverish talks on payment plan proposals
TUI promises even more tourists
Archaeologists find missing head of Amphipolis sphinx
Archaeologists digging at a tomb dating to the era of Alexander the Great in ancient Amphipolis in northern Greece have found the missing head of one of the two sphinxes guarding the entranc...
Coalition leaders prepare for troika amid sour mood
A dispute between New Democracy and PASOK over civil servants salaries continued Tuesday, underlining the big task facing Prime Minister Antonis Samaras and Deputy Prime Minister Evangelos ...
Inside News
BASKETBALL
PAOK fans stop coach Markopouloss move to Olympiakos
Olympiakos is once again in the lookout for a new coach after the refusal of PAOK to release Soulis Markopoulos, while Panathinaikos defeated Kolossos on Rhodes on Monday to become the only ...
BASKETBALL
Reds lose to Nea Kifissia, search for new coach
Nea Kifissia recorded the biggest win of its short history in the top flight defeating Olympiakos 68-67 on Sunday, in a Basket League weekend marred by the abandonment of the Thessaloniki de...
Inside Sports
COMMENTARY
The ECB collateral for Greece must be lowered to 5 pct
According to recent reports, the European Central Bank plans to reduce the 57 percent penalty, that is the discount applied to almost all Greek government bonds (GGBs) held as collateral b...
INTERVIEW
The past, present and future of the Greek debt crisis
For a decade, until mid-2012, Josef Ackermann was the CEO at Deutsche Bank. It was a position that earned him the nickname shadow chancellor of Germany and allowed him to play a decisive r...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Credit sector officials sleeping easy ahead of stress test results
2. Certainty on primary surplus target
3. Feverish talks on payment plan proposals
4. TUI promises even more tourists
5. Archaeologists find missing head of Amphipolis sphinx
6. Coalition leaders prepare for troika amid sour mood
more news
Today
This Week
1. The past, present and future of the Greek debt crisis
2. Gang importing heroin into Greece busted
3. Self-opposing coalition
4. Greece said to seek tailor-made plan for bailout exit
5. Gutsy rectors
6. Applications for heating oil subsidy set to start
Today
This Week
1. Possible third figure in Amphipolis mosaic may be uncovered shortly
2. Greece to contribute 1 mln towards Gaza reconstruction
3. Istanbul skyscraper casts shadow over Greece's banking ambitions
4. Greece nearing bailout exit, says gov't spokesperson after IMF talks
5. Coalition shooting itself in the foot
6. GPO poll gives SYRIZA clear lead over New Democracy
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.