Greeks lost 40% of their wealth in the years (2009-2014) a period of financial crisis. The fact is mainly attributable firstly, to the decline in the value of real estate, and secondly, to the bank deposits, says a Bank of Greece (BoG) survey.
The purpose of the study is to investigate whether the crisis affected the financial situation of Greek households at the microeconomic level in the period 2009-2014, the Bank of Greece stressed in its Economic Bulletin.
The average annual household income has declined at 26% in 2009-2014, which combined with the increased taxation led to a significant reduction in consumption by 27%.
Finally, the proportion of households who reported that their expenses are lower than their income decreased by 21.9% in 2009 to 13.5% in 2014, according to the Bank of Greece (BoG).
Translation: Angeliki Dervou