The national economies of Greece, Poland, Romania and Russia are growing dynamically - but in some cases under very different conditions and with their own special cultural characteristics, as is clearly demonstrated by the payment terms and practices in the different countries. This is just one of the findings of the EOS four-nation survey of 'Payment practices in Europe' in 2007. In the survey, conducted in October 2007, EOS and the independent market research organization Ipsos asked 200 companies in Greece, Poland and Russia respectively, and 45 in Romania, about the prevailing payment practices in their countries.
Greece: Relaxed payment terms
In Greece, the average level of outstanding debts as a proportion of total sales is 25%. More than a quarter of the companies surveyed say that the average receivable per debtor amounts to more than EUR 10,000. Since the Greeks also set long credit terms (105 days on average), liquidity may be lacking in other areas. Few companies expect the situation to improve in the future, while 35% even anticipate a further deterioration in payment practices.
