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Greece Looses Massive Payment Revenues

An approximated 16 billion euros has been lost by the Hellenic economy, due to the postponement of state payments and business transactions, amounting to almost 9% of its GDP in 2014.

As reported in Intrum Justitia's recent study, 54% of Greek operations have had to lay off workers as a result of payout deferments. 68% confirmed they were unable to hire more staff due to payment gridlock.

Deputy Director General of the Enterprise and Industry Directorate-General of the European Commission Antti Peltomaki addressed an Athenian seminar yesterday, and stated that this is a comprehensive problem in all of Europe; about 360 billion euros has been confirmed as missing from the EU economy last year, as reported by Kathimerini.