Credit contracts 1.9 pct y/y in September

Total credit in Greece’s banking system contracted 1.9 percent year-on-year in September after a 1.6 percent decline in the previous month, Bank of Greece data showed Tuesday.

Credit extended to the government fell 3.0 percent after decreasing by 1.3 percent in August, the central bank said.

Lending to businesses and households declined 1.7 percent after a 1.7 percent drop in August. [Reuters]