Each year, Europe's 21 million businesses lose €350 billion in bad debt. Unpaid receivables rose from 2.8% last year to a current level of 3%, according to the European Payment Index 2013. Credit management services provider Intrum Justitia conducted the survey between January and March 2013 in 31 European countries, including Turkey and Russia.

The study found significant differences between individual European countries in terms of lost profits as a result of these bad debts. While companies in northern European countries such as Finland and Sweden report 1.5% and 2% of receivables as un-collectable, respectively, Greek CFOs claim to have problems with 10%.

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