ATHENS: Bank lending to Greece's private sector contracted in March but at a slower pace compared to a month earlier, central bank data showed on Friday, as tighter credit conditions and a protracted economic slump sap demand for loans.
The Bank of Greece said credit shrank 3.5 per cent on an annual basis in March, with the pace of the decline easing from 3.9 per cent in February.
Bank credit to the private sector has been contracting since 2011, aggravating the country's worst postwar economic crisis.
The economy is in its sixth year of recession as fiscal austerity to repair public finances continues to take a toll. The cumulative 2008-2013 decline in economic output is seen at about a quarter.
The government projects the economy will start recovering in 2014 with banks providing more funding after their recapitalisation is completed next month.
The central bank said credit to households and private non-profit institutions shrank 3.6 per cent in March after a 3.8 per cent drop in the previous month.
Credit to businesses declined 3.6 per cent after a 4.3 per cent drop in February.
indiatimes.com
The Bank of Greece said credit shrank 3.5 per cent on an annual basis in March, with the pace of the decline easing from 3.9 per cent in February.
Bank credit to the private sector has been contracting since 2011, aggravating the country's worst postwar economic crisis.
The economy is in its sixth year of recession as fiscal austerity to repair public finances continues to take a toll. The cumulative 2008-2013 decline in economic output is seen at about a quarter.
The government projects the economy will start recovering in 2014 with banks providing more funding after their recapitalisation is completed next month.
The central bank said credit to households and private non-profit institutions shrank 3.6 per cent in March after a 3.8 per cent drop in the previous month.
Credit to businesses declined 3.6 per cent after a 4.3 per cent drop in February.
indiatimes.com
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