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The largest part of the guarantees provided by the state is directed to unprofitable state-owned firms so that they can get loans from banks. In practice, this creates a "hidden" debt, which appears in official documents after the loan or collateral expires. The total amount of guarantees at the end of 2011 amounted to 19.95 billion euro. With the additional guarantees provided to banks, or 65.09 billion euro, the total amount increased to 85.04 billion euro, according to the auditors' report. Loans to state-owned companies seem to be a big problem. Due to their deficits, these companies cannot cover them. Moreover, since they need funds, the state is forced to provide new guarantees for new loans. That is, guarantees are provided to loss-making enterprises that otherwise would not be able to obtain credit and the state budget has to cover their losses.

Before the inclusion of the country in the support mechanism and the arrival of the Troika, the practice of the Ministry of Finance was to finance troubled state-owned firms with small amounts directly from the state budget. For the majority of their other needs, state guarantees were provided so that they could obtain capital from banks. The benefit of this process comes from the fact that the state budget and public debt are not directly burdened, but the money is added to the debt after the expiry of the guarantees. This saves time at the price of interest rates.

Thus, a debt of approximately 20 billion euro, or 10.3% of gross domestic product, was accumulated which was guaranteed by the state. Unprofitable state companies not only cannot pay their loans, but when they have to meet their current needs, they do so with another expensive government loan guarantee. Initiated by the government, as of 31 December 2011, last year's debt included the uncovered remainder of the credit agreements of Athens Urban Transport Organisation and the tram company, totalling 2.1 billion euro. For the absorption of these loans the technique of deduction was used, i.e. the state covered the debts of both companies and obliterated the Ministries' liabilities to them. Of the 11 loan agreements, 8 belong to Athens Urban Transport Organisation and 2 to the tram company.

According to the report by the State Audit of 31 December 2011, the highest liabilities guaranteed by the state include:

- The Greek State Railways - 8.02 billion euro, an amount that the company could not cover and state guarantees were deducted.

- The State Defence Systems Company - state guarantees amounted to 782.5 million euro.

- Former Olympic Airlines, credited with a 17.96 million euro government guarantee.

- The State Real Estate Company, which received state guaranteed loans amounting to 261.3 million euro.

- Four companies from the state armoury and defence industry received a government guaranteed loan amounting to 428.7 million euro. The largest part of this amount, or 409 million euro, went to the Greek Company for Air Transport.

- The Organisation for school property received guaranteed loans amounting to 535.7 million euro.

- The Athens Concert Hall received 237.3 million euro.

- Athens Municipality received a 29.5 million euro loan.

- The State Horse Racing Company's loans amounted to 115.9 million euro.

- The Centre for Disease Control and Prevention received government-guaranteed loans amounting to 223.7 million euro.

Loans guaranteed by the state have also been given to companies in a better economic position:

- The Athenian subway - 1.81 billion euro.

- The Athenian Road Company - 553.3 million euro.

- The State Electric Company - 1.57 billion euro, and its affiliates received 169.5 million euro.

- The State Gas Company - 278.1 million euro.

- Athens International Airport - 438.6 million euro.

The state has also covered Aharnes and Zografou Municipalities' debts amounting to tens of millions of euro. These municipalities received large loans from foreign banks, but could not service them.

According to information from the Audit Court, the Greek state has also guaranteed loans to private companies amounting to 3.8 billion euro, most of which relate to:

- Private companies - 2.11 billion euro. These are companies from various regions of the country which were granted state guarantees for natural disasters, as well as under other sectoral or regional support programmes. The largest part - 449.2 million euro - went to companies affected by fires.

- Farmers and agricultural companies which were credited with 163.1 million euro.

- Loans to individuals and businesses affected by earthquakes - 320.1 million euro.

- Loans to victims of fires and natural disasters - 9.1 million euro.

- Borrowers from abroad - Montreal Municipality - 1.37 billion euro, also guaranteed by the state.

Guarantees granted for mortgage loans amounted to up to 1.71 billion euro, as they were allocated as follows:

- Greeks who have returned to their homeland - 1.33 billion euro.

- Roma people - 358.97 million euro.

- Other cases - 15.1 million euro.

Guarantees that expired in 2011 and which also burdened the state budget amounted to 1.44 billion euro. The largest amount comes from the State Railways which couldn't service loans amounting to 841.4 million euro. This amount was covered by the guarantor, or the Greek state. Athens Urban Transport Organisation ranks second, with a total amount of 271.2 million euro, followed by the Air Transport Company - 153.8 million euro, The Defence Systems Company - 90.3 million euro and The Athens Concert Hall - 20.6 million euro.