While Greeks protested the coming loss of as many as 40,000 public sector jobs as the government readies to start firings, austerity measures imposed on the orders of international lenders are continuing to take a bigger toll in the private sector, which already had a record 26.9 percent unemployment rate and 1.3 million people out of work.
It’s been estimated by trade associations that more than 100,000 stores have shuttered since the country’s crushing economic crisis began more than three years ago and another 195,000 jobs are expected to be lost this year, according to the Hellenic Confederation of Professionals, Craftsmen and Merchants (IME/GSEVEE) General Secretary Nikos Skorinis.
He told the International Business Times that many businesses will be forced to trade during the “holiday months” as they cannot afford to close. Some 65% of business owners said that they would not be taking a holiday while 16% said they would reduce the duration of their time-off.
“We realize that because of the worsening crisis, the continuous decrease in sales and the increase in costs, we will see drastic repercussions this summer,” said Dimitris Bibas, a researcher for IME/GSEVEE. “Business owners will not be able to go on vacation because of personal financial reasons, but also so that they can try to make up for the drop in turnover.”
Greece has continually been teetering on the brink of collapse since the onset of the sovereign debt crisis in 2010. It has so far secured €240 billion euros ($314 billion) in bailout cash from its international lenders but in return it has had to axe thousands of public sector jobs, cut public spending and ramp up taxes to meet its rescue package conditions.
According to the Hellenic Statistical Authority (ELSTAT), the retail industry continues to suffer as the benchmark trade index fell 5.7% in the first quarter of this year.
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