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5. Financial Transparency
5.1 Market Stability
5.2 Independent Asset Valuers
5.3 Data Standards

5. Financial Transparency

Goal – A well developed and transparent financial system that includes strong supporting institutions and highly trained and ethical professionals that contribute to effective financial intermediation and deep and broad access to capital and financial services

5.1 Market Stability (Weak)

Core Question:  Are market risks sufficiently transparent and diversified so that efficient capital allocation can occur?

Despite efforts to create a more business-friendly regulatory environment, the labor market remains rigid and slow to adjust to market realities.

5.1.1 Financial Reporting (Weak)

What is the strength of the country’s auditing and reporting standards?

Rank 101 out of 140; Score 4.1 out of 7; Trend ↓

5.1.2 Financial Services (Weak)

Does the financial sector provide a wide variety of financial services to businesses?

Rank 110 out of 140; Score 3.8 out of 7; Trend =

Source:
The Global Competitiveness Report 2015-2016, World Economic Forum
http://www.weforum.org/issues/global-competitiveness /

5.1.3 Insolvency Process (Strong)

Rank 54 out of 189 Trend ↓ 

5.1.3.1 What is the average time to complete bankruptcy proceedings?

3.5 years

5.1.3.2 What is the cost of bankruptcy proceedings as a percentage of the estate?

9%

5.1.3.3  What is the recovery rate of bankruptcy proceedings? 

34.9 cents on the dollar

Source:
Doing Business 2016 – Closing a Business
http://www.doingbusiness.org

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5.2 Independent Asset Valuers (Strong)

Core Question: Do trained, independent and ethical asset valuers exist for all types of assets?  

From 96 valuers eight years ago (mostly within banks), the Association of Greek Valuers now has over 1,100 members.

Survey Questions

5.2.1 Standards (Strong)

SQ 17  How easy is it to find a valuer who implements International Valuation Standards?

The Association of Greek Valuers is a member of TEGoVA

Source:
Civil Society Resource: TEGoVA
http://tegova.org/en/p4912b155a5aca

5.2.2 Training (Strong)

SQ 18  What is the level of training of valuers?

Greece has numerous Recognized European Valuers (REV)

5.2.3 Ethics (Unknown)

SQ 19  Are opinions offered by valuers free of influence from parties to the transaction?

Unknown

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5.3 Data Standards (Weak)

Core Question: Is accurate property information available electronically in formats that are consistent with international standards?

Although a current project is underway to digitize property records.

Survey Questions

5.3.1 Sales & Operating Data (Weak)

SQ 20  A multiple listing service is an electronic exchange system where brokers and agents can widely share contracted real estate listings of properties that are for sale. Do multiple listing type services exist?

Internet sites exist, but data is not standardized.

Source:
www.tospitimou.gr/en/index.jsp   www.homegreekhome.com/en/homepage

SQ 21  Do resources exist for obtaining building income and expense estimates?

No – Weak

5.3.2 Interchange Formats (Weak)

SQ 22  Do electronic data interchange formats conform to international standards (ebXML – electronic business using extensive markup language)?

No – Weak

Source:
Civil Society Resource: Open Standards Consortium for Real Estate International
http://www.oscre.org

5.3.3 Technical Standards (Very Strong)

SQ 23  Do building codes and office building measurement standards (ANSI/BOMA Z65.1) conform to international standards?

Greek Green Building Council is affiliated with BOMA.

Source:
Civil Society Resource: Greek Green Building Council
http://ggbc.gr/

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