Shipping pays for Greece

Better results from Greek shipowners have helped cut the country’s current account deficit, according to Bank of Greece data.

"After a decline of 5-6 years, the shipping sector is starting to contribute positively to the current account," Nikos Magginas, a senior economist at the bank, told Dow Jones.

The deficit this year to 30 May narrowed to EUR 2.5bn ($3.4bn), from EUR 3.3bn in the same period a year earlier.

Greece booked a current account surplus last year.