Author Topic: Desperate Households  (Read 717 times)

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Offline Maik

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Desperate Households
« on: Friday, 03 March, 2017 @ 14:08:53 »
Greece’s ‘desperate households’

Greek households generally own their home and have a car; they often have a house in the village their family hails from too. However, their bank accounts are shrinking, their loans are not being serviced as promptly as they used to be and their liquidity is close to zero. Unemployment is now changing the structure of households, resulting in young and old being forced to stay under the same roof.

These are the main features of Greek households during the economic crisis as recorded by the European Central Bank’s Household Finance and Consumption Survey, which covers the 2010-14 period.

Under the title “Desperate Households,” the bulletin highlighted that families continue to provide a safety net; however, it showed that their stamina is also running low, as is that of the friend network.

Few Greeks have the luxury of being able to save money: Just 13.5 percent of households said they added to savings on a regular basis, down from 21.9 percent five years earlier. This is by far the lowest rate in the European Union.

Another study by the Cologne Institute for Economic Research showed on Thursday that Greece is top among European countries in terms of poverty growth, as the number of Greeks below the poverty line grew 40 percent from 2008 to 2015.