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Bounced Checks in Greece Near $1.5 Billion

Greece’s crushing economic crisis has led to beleaguered Greeks writing nearly $1.5 billion in bad checks so far this year and running up unpaid bills of more than $245 million. The data came from Teiresias, the register of insolvent borrowers and list of people in Europe with bad credits.
From January-to-October period, there were 112,232 bounced checks although in October there was a 34% decline compared to the same period a year ago. Compared with September 2012, their number dropped by 1.87% and their value grew by 0.73%. There were 105,767 unpaid bills to October, according to Teiresias.
This constitutes a major increase of 22.6% in value and 26.5% in units from September, although compared with October 2011 there was a 9.75% decline in value and a 5% drop in units. This phenomenon not only deprives the market of much-needed liquidity for its operation, but also increases suspicion in everyday transactions in Greek commerce.
(Source: ANSA)

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