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Spiegel: This Holiday Greeks Will Recieve Fewer Gifts

“The Greeks are getting less” is the title of an article on the website of German paper Spiegel. The article claims that this holiday, Greeks will receive far fewer gifts due to the fall in turnover of Greek stores during this Christmas season.
The Deutsche Welle on the same topic similarly states “Poor gifts: Holiday gifts for many Greeks are far fewer” and continues by saying “the turnover during the Christmas period dropped more than 8% and in comparison to 2009 it dropped almost by half.” The German website stressed that Greece has been suffering since 2009 due to a dramatic economic downturn.
Nearly 1/4 of the country’s GDP dropped, while wages and pensions further shrunk. The main reason for the bad turnover is high unemployment rates and the fact that 50% of Greeks’ income is indirect or direct taxes, according to the president of the Institute of Trade and Services. One in four Greeks are officially unemployed while one in two Greeks are treated for psychological problems because of the severe ongoing crisis.

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