In this paper, we attempt to find a "channel" through which Greek economy can exhibit a relative "resistance" in a credit crunch. For this purpose, we specify an error correction model so as to test the relationship between corporate bank loans and commercial papers comprised of post-dated cheques and bills of exchange. The results show that corporate bank loans and cheques -bills of exchange are substitutes. This finding combined with the fact that in Greece, the issuance of these papers is

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... itively connected with the informal economic activity which in turn rises during economic downturns, has a strong economic implication regarding the ability of Greek economy to partly "amortize" the shocks connected with the current financial crisis.