News

Greece Posts Steep Price Deflation

Greece was frequently in the financial headlines during the European debt crisis about a decade ago.

As you may recall, the southeastern European nation required bailouts from the European Union and International Monetary Fund.

Here in the early weeks of 2021, Greece grapples with consumer price deflation.

Review this Feb. 24 article from SeeNews:

Greece posted annual deflation of 2.4% in January - the steepest year-on-year decline in consumer prices among EU member states in January, the EU's statistical office said.

Slovenia followed with a drop in consumer prices of 0.9% in January, marking the second-steepest decrease on an annual comparison basis among the bloc's member states, Eurostat said in a statement on Tuesday.

In December, Greece and Slovenia showed the strongest annual deflation among EU-27 - of 2.4% and 1.2%, respectively.

Among EU member states in Southeast Europe (SEE), only Romania reported inflation in January, of 2%, which was the fourth-highest inflation rate among EU-27, after Czechia, Hungary and Poland.

Elliott Wave International's December Global Market Perspective also mentioned Greece in another context. Here's a chart and commentary:

EuropesLosingLoan

This chart shows recovery rates for non-performing loans at small- and medium-sized businesses (SMEs) across various European countries. In Greece and Ireland, banks can expect to recover less than 5% of their defaulted debt.