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Greece - No Credit For You!

From Reuters:

The annual pace of credit contraction in Greece accelerated in January compared to the previous month, central bank data showed on Thursday. Total credit shrank 2.1 percent, its pace picking up from a 1.9 percent decline in December.
Credit to the government expanded by 1.8 percent year-on-year in January, while lending to businesses and households declined 3.3 percent after a 3.1 contraction in December.

KEY FIGURES (in pct y/y) JAN DEC NOV OCT
Total credit -2.1 -1.9 -1.3* -1.2
Credit to public sector +1.8 +2.3 +2.5* +2.2
Credit to business, hholds -3.3 -3.1 -2.4 -2.2
* revised figures. source: Bank of Greece

Looks like you have to be insolvent in order to get credit in Greece nowadays. Loans to public sector borrowers in Greece has worket out well thus far. Combine fiscal austerity with a continuing credit contraction and you get riots in the streets and the downfall of the government. This is not over.

Yeah, I guess I am just not an optimist.

Disclosure: I am long NBG.