Suppliers wait longer for payments

13 April 2017
514 Views

Suppliers have taken the role of banks in the battered Greek economy, as the average time it takes clients to pay their suppliers has continued to grow in 2017 compared to 2016, according to research by credit insurance company Atradius.

Although suppliers are granting longer periods for the payment of invoices, the delay recorded after the deadline has also increased, taking the total average payment time to 111 days this year, against 95 days in 2016. It is noted that 2.5 percent of invoices’ value is never collected, which is almost twice the equivalent rate in Western Europe.

Data illustrate the extreme pressure created in the private economy by enterprises’ lack of liquidity as well as the limited efficiency of legislation concerning payment delays in transactions between businesses.

Atradius’s findings show that 52.1 percent of sales are conducted on credit: 60.6 percent of sales to domestic clients (down from 65 percent in 2016) and 43.7 percent of sales to clients abroad (against 48.3 percent last year). Despite this decline, it remains one of the highest rates in the European Union.

You may be interested

Prespes Agreement: Government in turmoil after expulsion of Deputy Foreign Minister Quick from ANEL
POLITICS
shares22 views
POLITICS
shares22 views

Prespes Agreement: Government in turmoil after expulsion of Deputy Foreign Minister Quick from ANEL

makis - Dec 14, 2018

The Prespes Agreement with FYROM is proving to be an insurmountable obstacle for the coalition government, as Deputy Foreign Minister…

Greeks lost nearly 1/4 of their income during economic crisis, Eurostat data shows
GREECE
shares21 views
GREECE
shares21 views

Greeks lost nearly 1/4 of their income during economic crisis, Eurostat data shows

makis - Dec 14, 2018

Greeks saw nearly a quarter of their average annual income vanish as a result of the economic crisis that hit…

Folegandros: Images of an undiscovered gem
GREECE
shares739 views
GREECE
shares739 views

Folegandros: Images of an undiscovered gem

Panos - Dec 14, 2018

Shining under the Aegean sun, Folégandros was named after the son of King Minos. This off-the-beaten-path destination captivates the visitors…

Leave a Comment

Your email address will not be published.