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.
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