Businesses closing, hundreds of jobs lost daily
- Written by E.Tsiliopoulos
The market in Greece is in absolute stagnation, as each day that passes without an agreement between the government and lenders causes losses worth 22.3 mil. euros from the country's GDP, while every 24 hours 59 businesses shut down and full-time employment decreases by 613 jobs.
According to the announcement of the Greek Confederation of Commerce and Entrepreneurship there should be an agreement with creditors immediately, otherwise the economy will not be able to function.
The Confederation says that the market is at a standstill, the liquidity injections can not revive it and it needs a “transfusion" of at least 25 billion euros to reboot after losses in the first five months will hardly be replenished in 2015. Indeed it recalls that during the last five years turnover in retail trade dropped -26.2%, -37.1% in wholesale, and in and car sales by -61.9%. The current account surplus was marginally positive by 0.9% of GDP in 2014, with imports and exports of goods showing a rise of 4.7% and 4.9% respectively.
The official position of the Confederation is to do away with the four-month standstill of the market by the “No Deal, No Grexit” strategy, replacing the content of the original agreement "money for debt and support for the country” with the economic strategy "money for the narket and development for the country."
The Confederation lists in its communique a range of data showing the problem created in the market. Regarding the liquidity in the market, 95% of the requests for loans from commercial banks are rejected daily, and now only 1 in 10 small business loan requests are approved by systemic banks.
Related items
-
Greek-American Organizations Unite In Honoring and Meeting with Greece’s Prime Minister and Foreign Minister
-
Italy: 55-year-old left a suicide note and disappeared - Finally found 10 years later... in Greece
-
Prime Minister Kyriakos Mitsotakis’ speech at the 78th UN General Assembly
-
PM Mitsotakis meets with Cyprus president, US investors in New York
-
UNESCO adds Zagorochoria to its World Heritage List
Latest from E.Tsiliopoulos
- Greek-American Organizations Unite In Honoring and Meeting with Greece’s Prime Minister and Foreign Minister
- Italy: 55-year-old left a suicide note and disappeared - Finally found 10 years later... in Greece
- Prime Minister Kyriakos Mitsotakis’ speech at the 78th UN General Assembly
- PM Mitsotakis meets with Cyprus president, US investors in New York
- UNESCO adds Zagorochoria to its World Heritage List