Roughly 100 billion euros has been removed from the Greek economy over the last three months, with the latest statistics confirming the dramatic asphyxiation that is threatening not only businesses on the brink but even those that have managed to remain healthy during the crisis years.
The private sector is continuing to pay a heavy price for the interminable uncertainty that is a result of the inability of the lenders and the Greek government to reach an agreement over the continuation of Greece’s bailout program.
According to the latest figures, between 86 – 101 billion euros have been ‘withdrawn’ from the market over the past three months, while it is impossible to evaluate the damage from the lack of lending and investment caused by the uncertainty and the endless speculation over the possibility of a Greek exit from the Eurozone.
Recent dismal forecasts from the European Commission which revised downwards the growth rate expected for 2015, data from the IMF, and the prospect the discussions between the government and its partners failing to reach a breakthrough, render the situation for the private economy exceedingly difficult.
The Governor of the Bank of Greece, Yannis Stournaras had warned on the 15th of December that ‘The liquidity in market is being reduced at a fast pace. The danger not only for the recent return to growth to be halted but for irreversible damage to the Greek economy is great.’
The numbers
30-35 billion euros have been withdrawn from Greek banks within the last quarter. These funds were either transferred to banks and bonds abroad or were hidden in mattresses and hideaways.
20-30 billion euros ‘evaporated’ due to the fall in values of companies listed and unlisted on the Stock market.
10 billion euros were transferred from the coffers of various public bodies to the Bank of Greece and converted to repos.
3 billion euros from structural funds remain frozen, while of 4 billion euros available, the country has only absorbed 1 billion.
20 billion euros are missing from the total circulation of money in the market, according to banking circles.
Given the above figures it is estimated that on a daily basis the market and private economy lost about 1 billion euros per day, with the final ‘bill’ reaching as high as 101 billion euros.
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