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.

Sign up to our free newsletters

Get the best updates straight to your inbox:
Please select at least one mailing list.

You can unsubscribe at any time by clicking the link in the footer of our emails. We use Mailchimp as our marketing platform. By subscribing, you acknowledge that your information will be transferred to Mailchimp for processing.