ECONOMY

Hundreds of bankruptcies seen this year

Greece remains in the high-risk zone as far as corporate bankruptcies are concerned, being among the global leaders in insolvency cases in recent years.

The forecasts by international credit insurance company Atradius point to the maintenance of bankruptcy cases at a high level this year, amounting to 459 cases against 463 cases last year, or a marginal decline of less than 1 percent.

This is the highest number of bankruptcies among European states that Atradius monitors and refers to cases where the bankruptcy process has been completed – which in this country is long and time-consuming.

In fact the survey was based on February data, and real economy indices such as the economic sentiment index, production prices in industry and retail commerce confidence have already shown further deterioration since then, leading to even worse forecasts.

The problem in the economy is growing due to the uncertainty created by the delay of a definitive agreement between the government and its creditors, resulting in the stagnation of business activity.