The prevalence of credit risk in Greek Banking: Risk management & methodology for evaluating corporate credit risk and Greek Business Environment

Our article consists of the following 4 parts: - In the first part: documented the importance of credit risk with the presentation - analysis of the growth of 6 Greek major financial institutions loan portfolio, for the period 2001 to 2008 and comparison of the loan amount with their own funds and total assets them (based on published accounts). - In the second part: we refer to the approval and monitoring procedures that should be followed by banks using the internal ratings (IRB) methods for corporate loans. Our interest is focused on linking credit ratings to the terms of financing (collateral costs) and on the importance of evaluation / assessment and collateral for the balance of exposures. For typesetting the above is estimated the Risk Weight Assets for PD rating scale (National Bank of Greece published data) and relevant Figure/diagram. - In the third part: we analyse the methodology of key criteria for evaluating the creditworthiness of companies. At the same time for a short description of Greek Business environment we used the -List Easy of Doing Business index 2010- of the World Bank and the results of the assessment of business sectors in Greece according to the model of Credit Risk Tracker Greece's Standard & Poor's, as published by the Hellastat. (The key criteria for evaluating creditworthiness of companies mainly come from research on the websites of the companies Fitch, S & P, Moody's KMV, Hellastat, Easy of Doing Business index). - In fourth part: presented, properly treated, the results of empirical research conducted through distribution of questionnaire to 25 experienced in Risk Management, executives, which was called to assess 20 companies on the basis of their specific quantitative and qualitative characteristics. Finally it is noted that in this final part are also presented all the findings and related conclusions, resulting from the scientific research throughout this paper.

CONSEQUENCES OF FINANCIAL CRISIS ON LOAN PROVIDING FUNDS FOR SMALL & MEDIUM ENTERPRISES FORMER PREFECTURE OF SERRES -GREECE

It is common knowledge that Small and Medium enterprises make up the backbone of the Greek economy. Nowadays during the greatest post war financial crisis, the fund availability critically determines the survival and the development of almost every enterprise. In the first part of this presentation we will refer to the financial crisis in Greece. Apparently one of the major economic problems in our country is the widely extended corruption throughout all the economic activities including corruption 0n banks. In the second part we will present the impact of the recession on the banking sector in local and national level and the consequences of the great reduction of loan providing funds to Small and Medium Enterprises (SMEs). We will present the fact that nowadays, entrepreneurs can not obtain loans based on personal guarantee, and they have to offer their own house as collateral. In the third part we will refer to Serres, former prefecture of Greece, where the economic inability and underdevelopment to all the levels of local economy is obvious. We will also refer to the fact that while on turmoil governments schedule programs using the criterion of efficiency instead of the criterion of equity. Under these circumstances, the area of Serres will never be developed. In the forth part we will present the results of the questionnaire-based research from the local entrepreneurs in the Prefecture of Serres. We will focus on the consequences of a economical crisis. It is worth referring to the fact that their answers are similar to those deduced from the results of the researches that have been referred to in bibliography. Finally we will end this presentation with the main conclusions. KEYWORDS -Financial crisis -Loan providing funds -Local entrepreneurship -Former Prefecture of Serres

Funding and Taxation of Greek Non Profit Organizations and Enterprises

Surely, the economic aspect of non profit organizations is very interesting. The aim of the enterprises of this type is not to maximize their profits but to minimize their operational expenses, in order to survive. Therefore, the objective of non profit organizations is to ensure any possible financial resources and to exempt taxes. It is agreed that financial seeking and tax exemption are of crucial importance for the vitality of non profit organizations and companies. This paper studies the following issues: i. The modern approach regarding non profit sector and its social role. Ii. Funding resources and ways to support the non profit organizations and enterprises. iii. Law restrictions regarding the taxation of the non profit organizations and enterprises. iv. Financial operation and management of the non profit organizations and enterprises. v. Evaluation of the financial and taxation framework related with non profit organizations and enterprises operational processes. vi. Conclusion- suggestions for future policy actions.

Support of Local Entrepreneurship During Periods of Crisis: A Case Study for Serres-Greece on NSRF Programmes

AbstractThe role of Small and Medium Enterprises (SME's) to regional development is crucial. Taking as a granted that National Strategic Reference Framework (NSRF) focuses on regional disparities reduction, the main scope of this paper is to examine the influence of the NSRF programs on Regional Unity of Serres taking under consideration the existence of great intraregional disparities in region of Central Macedonia.Recently, peripheral disparities undoubtedly deteriorate Greek recession, something that is underlined at the relevant literature. According to Joseph Stiglitz “with inequality at its highest level since before the Depression, a robust recovery will be difficult in the short term” Also, Paul Krugman adds “countries doing a lot of redistribution have, if anything, weathered the crisis better than those that do less”As enterprises confront huge sustainability problems, their investments are deteriorated. Greek state, under the framework of NSRF 2007-2013, announced on spring 2013 the program “Support of SME's which are activated in Manufacturing - Tourism - Commerce & Services” (the program will de completed until the end of 2015). The NSRF provide subsidizes using general geographical-economic (mainly income) criteria (at regional level NUTS2) without examining the NUTS3 level.It is common knowledge that Greek banks nowadays do not support firms sufficiently. Thus, many of the eligible (under the umbrella of the examining program) investments may not be completed. Hellenic Fund for Entrepreneurship and Development (ETEAN), the associated institution, does not provide the necessary funds to all the entrepreneurs.During the last 4 years the 20% of local enterprises have been closed. It is obvious that crisis badly affected local entrepreneurship. According to Serres Chamber of Commerce and Industry the number of enterprises at Regional Unity of Serres have been reduced from 14.103 (January 2010) to 10.715 (January 2015).All the above mentioned are analyzed in our theoretical part.Our empirical research was conducted in February 2014. The survey consists of two parts. At the first part, a comparative analysis between the region of Central Macedonia and the Borough of Serres takes place. At the second part, all the local eligible enterprises, that will receive subsidizes from ESPA were participated in this research (total 123 ones). The used methodology is the calculation of the main descriptive statistical measures (the average, the standard deviation and the coefficient of variation) and the statistical moment of distribution (the coefficient correlation).According to our main findings, the contribution of NSRF programs as they are regulated by the developmental national laws to the survival and development of local enterprises has been significant, although the legislator disregarded the fact that borough of Serres is poorer than the core region Thessaloniki. The intraregional disparities (which have been indicated both in the theoretical and in the empirical part) should be taken under consideration when a low is reconsidered. Finally it should point out that the general results of our empirical research are relying to the relevant used literature

Investing in Greek Agriculture: A Case Study on Farmers in the Regional Unity of Serres, Greece

The Greek Ministry of Food and Agriculture is proceeding in its commitment to apply reforms of the current Common Agricultural Policy (CAP) 2014-2020. Among other measures, in November 2017 two fundamental agricultural projects were introduced: the 4.1.1., which focuses on potential investments in fixed assets and machinery, and the 4.2.3., which relates to potential investments in renewable energy resources such as net-metering systems. Investments in agriculture are considered of critical importance given their potential contribution to the Greek economy. The CAP is undoubtedly an integral and crucial part of the general Common European Policy in terms of agriculture. Nevertheless, European policies have attracted intense negative criticism including from distinguished and Nobel Prize-awarded writers and researchers such as Krugman and Stiglitz. This paper focuses on the probability and sustainability of rural investments dealing simultaneously with a profile analysis of the prospective investors. It consists of two main parts. The theoretical first part presents the special characteristics of the two implemented measures. The second part presents the empirical research carried out with farmers of the area, which was conducted via questionnaires. Participants submitted Action Improvement Plans supporting the 4.1.1 or/and 4.1.3 measures. Data were collected through personal interviews and the opportunity sampling method was used. Data were analyzed through descriptive and inducted statistical methods. This research expands the discussions around the rural investments concept. Keywords: Common Agricultural Policy, rural development, investment

DEPRESSION IN GREECE AND REVEALING MORAL HAZARDS ON ENTREPRENEURSHIP FINANCIAL GUARANTEES

At the beginning of the crisis, Greek Guarantee Fund for Small and Very Small Enterprises (GGFSVSE) provided no interest or low interest loans to almost 60.000 Greek enterprises. Moral hazards created as entrepreneurs neglect to repay the stately guaranteed loans. J. Stinglitz and P. Krugman have referred to depression in Greece and Moral Hazards creation in the banking system. Moral Hazards and the constructive ambiguity principle are commented by scientists as Campbell Andrew & Lastra Rosa, Wood Geoffrey, Roka & Gortsou, N. Konsola and Ch. Balomenou. The theoretical last part deals with the presentation of data provided from Hellenic Statistical Authority and Serres Chamber of Commerce and Industry. At the empirical part are depicted the results of our research on the 188 local entrepreneurs which have benefited from these loans. It is worth mentioning the accordance between our results from our empirical research and the relevant used literature

A Service of zbw "Universities and the economic crisis: triple Helix, local entrepreneurship and Endogenous growth" "Universities΄ funding in the framework of the current global financial crisis: Threat or opportunity for the implementation of Triple Heli

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Response of Information Technology Companies in Europe to the World Health Organization\u27s Announcement of the COVID-19 Pandemic

From the beginning of 2020, the whole world has been shaken by a contagious disease called Covid-19, its actual name being SARS-CoV-2. It first appeared in China, in Wuhan, Hubei Province, in December 2019, and the World Health Organization (WHO) was informed about it on the 31st of December 2019. On the 11th of March, 2020, WHO declared the Covid-19 outbreak a pandemic, and no country has been able to contain this coronavirus.  This medical or health crisis evolved into a pandemic and led to a global economic crisis.  This study investigates the wealth effect of the coronavirus pandemic announcement on the Information Technology Industry companies in Europe. We apply the classical event study methodology. Our sample contained 87 companies. The results show a strong negative reaction of information technology companies upon this announcement. The European investors perceived this announcement as a negative signal that will disturb the lives of everyone and will create economic instabilities and havoc in all sectors of an economy