Greek debt crisis hits construction activities

With Greece set to face further elections, political and economic instability persists in the country. Consequently, trading on credit has become almost inexistent in Greece, while construction activities have nearly ground to a halt.
 
Accordingly, the Greek domestic rebar market is currently in a deep recession and transactions are very scarce, with the rebar price range as wide as €550-600/mt ($697-759/mt) for deliveries to customer. Although deferred payment is not an easy option to find in Greece nowadays, as mentioned above, for such transactions rebar prices may reach €630-650/mt ($797-822/mt) for deliveries to customer.
 
As it almost impossible to predict when political and economic stability will be restored in Greece, the domestic rebar market and related industries are foreseen to remain almost silent for an indefinite period of time.
 
€1 = $1.265