As the Greek economy sinks into a recession from the weight of a necessary but violent deficit reduction program, many enterprises are suffering due to the lack of liquidity. Currently a proud 26 billion Euros from the National Strategic Reference Framework is blocked in a bureaucractric lock. After a total of three years since the beginning of the project, only 2,2 billion euros have been absorbed, which is less than 9%. There are also environmental, digital convergence, educational and administrative reform programs that have absorbed less than 3%.
While the public sector appears unable to take advantage of community resources in order to stimulate economic activity, the private sector is left with less and less ability to avoid the recession and the inability to get a loan. According to a ICAP survey concerning 30,000 pubic limited companies and limited liability companies, 4,500 have the least ability to offer credit lines. Over a period of one year the rate of inconsistent enterprises rose from 4,32% to 7,5%. The seizures of assets increased to 382 million Euros during the first half of this year.
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