In Crete, bulk prices for premium quality EVOO with less than 0.3 acidity have dropped as low as €2.60 ($3.16) per kilo. Olive growers desperate for cash flow are selling at alarmingly low prices. The Greek media are blaming Italians buyers for not offering higher prices. They also blame the Cretan olive mills for not storing it and waiting for higher prices. Some are even blaming the olive growers for harvesting too quickly and creating a temporary oversupply.
Why are olive mills so quick to unload their highest quality EVOO at the lowest prices in Crete? Most are deeply in debt and need to sell to keep operating. The banks are not lending or extending credit at reasonable interest rates or terms, so many are forced to sell now. Prices in other provinces in Greece are barely holding above €3.00 to €3.20.