Greece’s total credit expansion picked up to an 18 percent annual pace in October from a downward revised 17.9 percent in September, Bank of Greece provisional data showed yesterday.
“Credit growth to the private sector remained at high levels, reflecting strong lending to business. Credit to households showed a deceleration, with a more marked slowdown in mortgages where the pace dropped to a 10-year low,” said National Bank economist Nicholas Magginas.
“Credit expansion to the private sector is expected to slow in the coming months. The European Central Bank’s looser monetary stance should cushion the fall in demand.
(KATHIMERINI, 24/12/2008)