Private sector decline slows down in March

Bank lending to Greece’s private sector contracted in March but at a slower pace compared to a month earlier, central bank data showed on Friday, as tighter credit conditions and a protracted economic slump sap demand for loans.

The Bank of Greece said credit shrank 3.5 percent on an annual basis in March, with the pace of the decline easing from 3.9 percent in February. Bank credit to the private sector has been contracting since 2011.

The central bank said credit to households and private nonprofit institutions shrank 3.6 percent in March after a 3.8 percent drop in the previous month.

Credit to businesses declined 3.6 percent after a 4.3 percent drop in February.

Source: reuters