Gloomy outlook for households

Two in every three households in Greece are in a worse financial state compared to six months ago due to the coronavirus pandemic's impact on the economy, according to a survey by Intrum.

Greece's 67% rate - matching Romania's - was the highest of the 24 countries that researchers at the Sweden-based credit management services company surveyed, far above the European average of 48%.

The Greek economy's high dependence on tourism, a sector already hit hard by the lockdown and expected to suffer further, lies behind the high rate of households whose finances are deteriorating. Even countries with a lot more coronavirus cases and tens of thousands of deaths such as Britain, Italy and France are showing lower rates (55%, 54% and 41% respectively) of households reporting a deterioration in their finances from six months earlier.

This situation in Greece will lead to...