60 billion euros owed to banks

Two jobs, three credit cards and as many loans comprise life for many Greeks, as they respond to the growing financial demands of modern life. According to recent data published by the Bank of Greece, households owe 33.5 percent of GDP in consumer and housing loans – over 60 billion euros. Housing loans have risen by 28.8 percent and personal loans by 45.5 percent. The total amount owed for credit cards was 8.2 billion euros at the end of this year’s eight-month term, an increase of 15.3 percent on the same period last year. One or even two salaries per family cannot cover payments of installments and credit cards. According to the GSEE Labor Institute, 20 percent of the labor force aged 30-55 years has a second job. That’s almost a million Greeks.

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