💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Economic hardship worsens for Greeks despite easing recession

Published 13/10/2014, 14:56
© Reuters A Greek national flag and a EU flag wave outside the office of Greek PM Samaras in Athens

ATHENS (Reuters) - More than 20 percent of Greeks could not afford basic comforts last year, nearly double the number in 2010 when the country's debt crisis exploded, data showed on Monday.

In its study of Greek living standards for 2013, statistics agency ELSTAT said it was not just poor people who could no longer afford basic necessities, such as being able to keep their homes warm or pay basic expenses.

Greece's six-year recession, exacerbated by fiscal austerity demanded by its international creditors, has wiped out about a quarter of the economy and sent unemployment up to nearly 28 percent, triggering mass protests.

The study showed that 20.3 percent of Greeks could not afford at least four out of nine conditions that define economic hardship, including a one-week vacation or eating chicken or meat every other day.

Nearly a third could not afford to keep their homes warm last year, a frequent complaint after the government raised taxes on heating oil to boost state coffers amid the crisis.

"The lack of basic goods such as a washing machine, colour TV, a car and difficulty in meeting loan payments does not only affect the poor population but also a section of those who are not poor," ELSTAT said.

More than a third of the population with consumer debt had a hard time servicing their loans, the study showed, highlighting why Greek banks continue to struggle with bad loans.

The drop in living standards was more pronounced among Greeks below the age of 64, ELSTAT said.

The country does appear to be turning the corner after reducing its budget holes, but recovery is expected to be gradual.

© Reuters. A Greek national flag and a EU flag wave outside the office of Greek PM Samaras in Athens

The economy is bottoming out, with Athens and its EU/IMF lenders projecting it will pull out of recession and grow 0.6 percent this year.

(Reporting by George Georgiopoulos; Editing by Susan Fenton)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.