Greek credit contracts 1.6 pct year-on-year in May, central bank says


Total credit in Greece's banking system contracted 1.6 percent year-on-year in May after a 1.6 percent decline in the previous month, Bank of Greece data showed on Monday.

Credit extended to the government fell 5 percent after decreasing by 5.4 percent in April, the central bank said.

Lending to businesses and households declined 1 percent after a 0.9 percent drop in April.