Naperville, IL -- (SBWIRE) -- 03/07/2013 -- Greece’s banking system is currently characterized by deep and prolonged economic contraction, elevated credit risk, and fragile depositor confidence. In May 2012, the Hellenic Financial Stability Fund (HFSF), a private legal entity in Greece, disbursed EUR18 billion (US$23 billion) to Greece’s four biggest banks, National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA, as part of a recapitalization plan. This capital injection is expected to restore the capital adequacy level of these banks and its access to the provision of liquidity funding from the European Central Bank and the European Union (EU). Greece is the main country to be adversely affected by the ongoing Eurozone sovereign debt crisis, followed by Portugal and Ireland. In response to this, the Greek government has requested financial assistance from EU countries and the International Monetary Fund (IMF) to manage its debt. In May 2010, the Greek parliament, EU leaders and the IMF approved a three-year EUR110 billion (US$152.6 billion) adjustment program to be monitored by the EU, the European Central Bank (ECB) and the IMF. Greece was asked to take essential austerity measures such as tax increases and public spending cuts as a condition of the bail-out package. Since then, the economic environment has worsened with nearly two million people out of work, 68,000 businesses closed and the economy shrinking by 7.2%. The IMF is, however, expecting a positive economic environment during the forecast period between 2013 and 2017.

Scope
- This report provides a comprehensive analysis of Greece’s cards and payments industry
- It provides current values for Greece’s cards and payments industry for 2012 and forecast figures for 2017
- It details the different macroeconomic, infrastructural, consumer and business drivers affecting Greece’s cards and payments industry
- It outlines the current regulatory framework in the industry
- It details the marketing strategies used by various bankers and other institutions
- It profiles the major banks in Greece’s cards and payments industry

Reasons to Buy
- Make strategic business decisions using historic and forecast market data related to Greece’s cards and payments industry and each market within it
- Understand the key market trends and growth opportunities within Greece’s cards and payments industry
- Assess the competitive dynamics in Greece’s cards and payments industry
- Gain insights into the marketing strategies used for selling various types of cards in Greece
- Gain insights into key regulations governing Greece’s cards and payments industry

Key Highlights
- In May 2012, the Hellenic Financial Stability Fund (HFSF), a private legal entity in Greece, disbursed EUR18 billion (US$23 billion) to Greece’s four biggest banks, National Bank of Greece SA, EFG Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA, as part of a recapitalization plan.
- Greece is the main country to be adversely affected by the ongoing Eurozone sovereign debt crisis, followed by Portugal and Ireland. In response to this, the Greek government has requested financial assistance from EU countries and the International Monetary Fund (IMF) to manage its debt.
- All card categories except debit cards posted negative growth during the review period between 2008 and 2012. In terms of volume, the debit cards category held the highest market share of 49.8% in 2012, followed by prepaid cards with 32.0% and credit cards with 18.0%. The lowest share was held by charge cards with 0.2% in 2012. During the review period, debit cards registered strong positive growth at a CAGR of 5.62%, growing from 8.1 million cards in 2008 to 10.0 million cards in 2012.
- E-commerce is growing significantly in Greece with increasing numbers of internet users and rising awareness of products and services through social networking and media promotions. There were nearly 1.9 million online shoppers in 2012, an increase of 26.7% over 2011.

Companies Mentioned

National Bank of Greece Piraeus Bank SA Alpha Bank

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