Written Question: Small and medium-sized enterprises (SMEs) on the brink of failure in Greece

(Source: European Parliament)

Date submitted: 15 February 2021

Question for written answer E-000910/2021
to the Commission
Rule 138
Ioannis Lagos (NI)

Subject: Small and medium-sized enterprises (SMEs) on the brink of failure in Greece

Many SMEs are now on the brink of disaster, having been closed down for long periods, with debts accumulating and revenues drying up. In response to an Athens Chamber of Commerce survey, seven out of ten companies have indicated that their very survival is now on the line, since they are unable to honour debts accumulated during the pandemic despite any assistance they may have received. Turnover has slumped by an average of 48.8% in eight out of ten companies in 2020 and one-half of small and medium-sized enterprises are defaulting on some kind of payment due (tax, insurance, suppliers’ bills, bank loans). Fifty percent of companies have cash reserves for no more than one month, while one in four has zero liquidity. Almost six out of ten micro, small and medium-sized enterprises accordingly fear that they will soon be forced to close, while four out of ten are concerned that they might not make it through the next six months.

In view of this:

Can the Commission say how it plans to avert the threatened spike in SME closures and resulting job losses, which would deal a veritable body blow to an already tottering Greek economy?

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