Greek enterprises’ credibility hit by crisis

Greek enterprises became more unreliable because of the economic crisis hitting the country, with the rate of unreliable enterprises (bankruptcies and delays in payments) rose to 43.82 pct in the period July 1, 2009-June 30, 2010, compared with the average rate in the period 2003-2009, a survey by ICAP Group said on Wednesday.

The survey, conducted on a sample of 213,892 societe anonymes and limited companies, showed that the manufacturing, commerce and services sectors were hit most by the crisis, with the number of unreliable enterprises in these sector rising by 36.7 pct, 55.19 pct and 34.51 pct, respectively.

The survey also showed that 26 pct of enterprises in the sample, saw their credibility worsening in that period, while only 13 pct of enterprises managed to improve their credibility. Commercial enterprises presented the most significant worse-ning of their credit ratings, followed by manufacturing and services enterprises.