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More Than Half of Greek SMEs Fear Going Down in Six Months

louketaAside from Greek government officials, including the prime minister himself, hardly anyone either inside or outside Greece believes that recovery is on its way. If anything, the general consensus seems to be that the economic situation in the country is so severe that the majority of the owners of small and medium-sized enterprises (SMEs) fear they will go out of business in six months from now.
The reason is that the Greek economy continues to be in a deep recession (actually in a depression for the past seven years), thanks to many years of expansionary austerity.
In a survey conducted by the Small Enterprises Institute of the Hellenic Confederation of Professionals, Craftsmen & Merchants (GSEVEE), economic pessimism reigns supreme among employers.
Specifically, almost 53 percent of those who took part in the survey expressed the fear that their company would be forced to shut down in the next six months, which is the highest such rate recorded since July 2012, when it was 53.3 percent.
In addition, as ekathimerini notes, “the institute’s projection points to another 21,000 companies shutting down in the next six months. Combined with the fact that the surviving enterprises will not make any investments and will likely resort to redundancies, the survey estimates that the sector will lose some 52,000-55,000 jobs in the next six months, of which 14,000-18,000 will be salaried positions.”
A number of the companies that shut down move to neighboring countries, mainly Bulgaria. There are of course also companies that shut down but continue to operate in Greece in the “shadow” economy.
(Source: ekathimerini)

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