2. Access to Credit
2.1 Banks
2.2 Other Sources
2.3 Credit Bureau

2. Access to Credit

Goal – An efficient, transparent financial sector that provides a broad range of citizens with access to multiple forms of competitive credit so that they can start businesses, build wealth, and purchase property

2.1 Banks (Very Weak)

Core Question: Are traditional banking services robust and extensive enough to serve the needs of the population to help them build wealth and purchase property?

Very Weak, the financial system remains under strain. In the banking sector, nonperforming loans account for over 30 percent of total loans.

Access (Very Weak)

2.1.1   How easy is it to obtain a bank loan?

Rank 134 out of 140; Score 1.7 out of 7, Trend ↑

Soundness (Very Weak)

2.1.2   How sound are the country’s banks?

Rank 134 out of 140; Score 3 out of 7, Trend ↑

The Global Competitiveness Report 2015-2016, World Economic Forum

2.1.3  Microlending (Very Weak)

Microfinance has only recently been introduced and few institutions operating. Microfinance allows citizens without traditional creditworthiness to build a credit history. How many microfinance institutions are operating in the country?

1 What is the number of active borrowers per institution?


European Commission

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2.2 Other Sources (Very Weak)

Core Question: Are entrepreneurs free to raise capital outside the banking system including venture capital and/or by issuing stock in a well-regulated stock exchange?

although Greece has a favorable position in the European rankings thanks to a good balance between the tax and legal environments for private equity and venture capital investors, managers and investee companies.

Financial Freedom (Weak for entrepreneurs)

2.2.1   How much control does the government exert over financial services?

Score 50 out of 100 – considerable government control.

Index of Economic Freedom 2015, Heritage Foundation

Venture Capital (Very Weak)

2.2.2   How easy is it for entrepreneurs to find venture capital?

Rank 135 out of 140; Score 1.9 out of 7, Trend ↑

Equity Investors (Very Weak)

2.2.3   How easy is it to raise money by issuing shares on the stock market?

Rank 128 out of 140; Score 2.4 out of 7; Trend ↑

Source: The Global Competitiveness Report 2015-2016, World Economic Forum

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2.3 Credit Bureau (Strong)

Core Question: Is comprehensive credit information available through public and private credit bureaus?

Although no public credit registry exists.

Overall Ranking 79 out of 189; Trend ­↓

Coverage (Strong)

2.3.1   What is the depth of information available in credit bureaus?

Score of 7 out of 8

Public (Very Weak)

2.3.2   What is the extent of public credit registry coverage?


Private (Very Strong)

2.3.3   What is the extent of private credit registry coverage?


Source: Doing Business 2015 – Getting Credit, World Bank

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