GreeceDownload Full Scorecard
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
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 =
The Global Competitiveness Report 2015-2016, World Economic Forum
5.1.3 Insolvency Process (Strong)
Rank 54 out of 189 Trend ↓
18.104.22.168 What is the average time to complete bankruptcy proceedings?
22.214.171.124 What is the cost of bankruptcy proceedings as a percentage of the estate?
126.96.36.199 What is the recovery rate of bankruptcy proceedings?
34.9 cents on the dollar
Doing Business 2016 – Closing a Business
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.
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
Civil Society Resource: TEGoVA
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?
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.
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.
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
Civil Society Resource: Open Standards Consortium for Real Estate International
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.
Civil Society Resource: Greek Green Building Council