Survey Finds 20 Percent of Greek Companies Face Bankruptcy, Closing

ATHENS – Greece’s 6 1/2-year-long economic crisis will bring down one in five businsseses in 2017, going bankrupt and unable to meet their obligations, the market research firm ICAP said.

Based on the results of a study undertaken in the second half of 2015 on businesses’ creditworthiness, an insignificant 0.29 percent of Greece-based companies were judged as being of very low risk; 9.6 percent showed a limited risk potential.

Similar figures for 2009, before the economic crisis erupted, were 10 percent as a low risk and 52.34 percent as a moderate risk, the business newspaper Naftemboriki said.

Some 52.34 percent of businesses were judged as being a moderate risk in 2009.
In 2015, 27.3 percent of businesses were judged to be high risk and 62.8 percent fielding a very high risk potential – 31.56 and 6.17 percent in 2009, respectively.

Also, 69 percent of businesses in Greece are paying off obligations on a delayed basis, beyond credit deadlines, and with the average time of delay around 40 days. Of those businesses, 52 percent average delays in payment up to 60 days.