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Characteristics and Possible Solutions to Problems Related to Loans to SMEs in Greece

In: Non-Performing Loans and Resolving Private Sector Insolvency

Author

Listed:
  • Nikolaos Vettas

    (Foundation for Economic and Industrial Research (IOBE)
    Athens University of Economics and Business
    Centre for Economic Policy Research (CEPR))

  • Sophia Stavraki

    (Foundation for Economic and Industrial Research (IOBE)
    National and Kapodistrian University of Athens)

  • Michalis Vassiliadis

    (Foundation for Economic and Industrial Research (IOBE))

Abstract

Since the eruption of the Greek sovereign debt crisis in late 2009/early 2010, the ability of the domestic private sector to meet its liabilities toward banks has been impaired. This was especially the case for small- and medium-sized enterprises (SMEs), which have fewer alternative financing options relative to larger businesses, and their significance for the Greek economy is higher in comparison to most other EU countries. The chapter presents a financial instrument for the refunding of SMEs’ past due loans with EU funds. The proposed tool is structured to provide credit risk protection to banks that refund SME loans. This has the form of a financial guarantee in case of default of a proportion of the refinanced undertakings. Since eligible businesses should be viable (and have a growth potential), the study proposes a set of relevant eligibility criteria.

Suggested Citation

  • Nikolaos Vettas & Sophia Stavraki & Michalis Vassiliadis, 2017. "Characteristics and Possible Solutions to Problems Related to Loans to SMEs in Greece," Palgrave Macmillan Studies in Banking and Financial Institutions, in: Platon Monokroussos & Christos Gortsos (ed.), Non-Performing Loans and Resolving Private Sector Insolvency, chapter 13, pages 307-333, Palgrave Macmillan.
    • Handle: RePEc:pal:pmschp:978-3-319-50313-4_13
    DOI: 10.1007/978-3-319-50313-4_13
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