More Than 1000 Businesses Close Every Week in Greece

While Greek politicians squabble over who can – or can’t – form a coalition government in the wake of May 6 elections in which anti-austerity rage caused a fractured result, more than 1,000 businesses in Greece are closing up shop each week, victims of a deep recession caused by pay cuts, tax hikes and slashed pensions that have made many Greeks simply stop spending on anything than goods needed for their survival.

Figures released by the National Confederation of Hellenic Commerce showed that retail sales during the Greek Easter period were down 18 to 21 percent in the apparel/footwear category and 11-13 percent at department stores compared to last year, despite offerings of up to 60-90 percent off.

Shoppers in major retail stores reported seeing almost no one buying in recent days as political instability over the elections and expected new elections have rattled Greeks as much as European officials who fear Greece could be forced out of the Eurozone of countries using the euro and return to its ancient drachma, completing the country’s economic collapse. Turnover was also down from 2011, declining to $5.82 billion from $6.46 billion in 2022. More...