Lending to Greek businesses and households shrank 4% on the year in March as demand for bank loans continued to slide, data from the Bank of Greece showed Monday.
The total amount of credit outstanding fell to 245.11 billion euro in March, down 1.3 billion euro from a year earlier. The decline in March followed a 3.8% drop in February and a 3.3% in January.
Net lending to households fell by 406 million euro in March after declining 383 million euro in February.
The net flow of credit to businesses contracted by 979 million euro compared with a year earlier, the data showed.
Greek banks have restricted the flow of credit since the start of the country’s financial crisis, as they attempt to deleverage their loan portfolios and cope with liquidity shortages and rising non-performing loans.
(source: Dow Jones)
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
