ECONOMY

Firms wait four months for payments from state

Firms wait four months for payments from state

On average, Greek enterprises are forced to wait almost four months before they collect their dues from the state, which is by far the longest period among European Union member-states.

This year’s European Payment Report by Swedish company Intrum covers 25 countries and shows that the average time it takes Greece to pay the companies which supply it with products and services has soared to 115 days, from 75 days in 2018. The average waiting time in the EU amounts to 42 days, about a third of that in Greece.

The situation is better – though far from good – when it comes to payments between enterprises, with the average waiting time coming to 64 days, against an EU average of 40 days. Over three fifths (61 percent) of companies in Greece say they have been forced to accept longer waiting times for fear of losing clients.