The debt crisis and ensuing recession plaguing Greece have driven about 15 per cent of businesses in Athens to the wall, a study released by a leading trader association said yesterday.
The research, taking into account over 3,400 shops in both affluent and low-income districts, recorded an average failure rate of 14.8 per cent, the national confederation of Greek commerce said.
The situation is exceptionally dire in the centre of the capital – which is also routinely blocked by street protests – where between 20 and 25 per cent of shops are locked up, ESEE said.
“Greek retail has been going through a strong crash test for a year,” ESEE chairman Vassilis Korkidis said in a statement.
“The additional collapse of economic activity threatens the survival of businesses and imposes major pressure on employment,” Mr Korkidis said.
Greece is in the grip of a growing recession exacerbated by draconian austerity measures adopted by the government as it battles a debt crisis that recently forced the country to the EU and the IMF.