Estimating the Impact of the COVID-19 Recession on Greek Corporate Balance Sheets:
Results from a Highly Stylized Model

Based on our microsimulations, we estimate that 78% of firms will be distressed and loss-making due to the pandemic. 40.7% and 32.6% of firms will record losses larger than their cash and working capital buffers, respectively.

Distressed Firms % of Total

Source: ICAP DATA.Prisma, EC, Piraeus Bank Research