An issue that has been plaguing Greece for a long time is slowly and steadily being regulated. The increased number of bounced checks and unpaid bills of exchange (BOE) that have been circulating the Greek market has significantly dropped. Based on data released by Tiresias Bank Information Systems, the total of bounced checks in January 2015 amounted to 14.9 million euros, marking a significant decrease compared to the total of 32.9 million euros recorded in January 2014. Meanwhile, BOE amounted to 7 million euros, compared to 8.75 million last January. Overall, a total of 1,101 bounced checks were stamped in January 2015, showing 46.35% decrease compared to the same month in 2014 (2,052 bounced checks), while 4,114 BOE were recorded, showing a 25.98% decrease compared to January 2014 (5,558 BOE). Tiresias was initially founded as a non-profit organization. Since September 1997, it operates as a joint stock company. It specializes in the collection and supply of credit profile data of corporate entities and private individuals. The company also develops inter-banking information systems and provides information and communication services.
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