Greek credit contracts 1.7 pct y/y in July

Total credit in Greece's banking system contracted 1.7 percent year-on-year in July after a 2.5 percent decline in the previous month, Bank of Greece data showed on Tuesday.

Credit extended to the government fell 2.3 percent after decreasing by 5.7 percent in June, the central bank said.

Lending to businesses and households declined 1.6 percent after a 2.0 percent drop in June. [Reuters]