Greece
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Korkidis

Greek Retail Workers Face 13% Pay Cut

With the government set to transfer or fire 40,000 public workers and employee rights being decimated during a crushing economic crisis, the President of the National Confederation of Greek Commerce (ESEE), Vassilis Korkidis said businesses want a 13% wage...

Stournaras Pushes to Wrap Up Troika Deal

Greek Finance Minister Yiannis Stournaras said he hopes he can conclude negotiations with international lenders this week on a long-delayed $17.45 billion spending cut and tax hike plan that is needed to release a locked loan installment the country...

Downtown Athens: 1 in 3 Stores Closed

Greece's deep recession has forced almost a third of businesses in Athens commercial district to close down as shrinking incomes and frequent strikes have driven away customers and harsh austerity measures have made many slow spending almost to a...

Greek Economic Crisis Closing Stores, Ending Dreams

In September, Christina Aggelaki, 56, will close the sporting goods store she and her husband have operated in a western Athens neighborhood for 30 years, victims of a deep recession worsened by austerity measures that has slowed spending to...

Shipowners Say They'll Leave Greece if They're Taxed

ATHENS – Greek shipowners, who pay no taxes to the state but claim to have brought in $175 billion in untaxed earnings over the last 10 years, have threatened to relocate their businesses and abandon their home country if...

Insurers Halting Coverage on Exports to Greece Cuts Deep

ATHENS – The decision by two of the world’s biggest trade credit insurers to halt coverage for companies importing products and goods to Greece is already starting to cripple small businesses, and many said it could be the death...

Greece Gives In, Will Fire 15,000 and Slash Minimum Wage

ATHENS – In a move that seems certain to stoke worker outrage just before a general strike and protests, Greece’s coalition government has reportedly agree to international lenders' demands to fire 15,000 public workers this year and cut the...

Greek Christmas Sales Crash, More Stores Set to Close

ATHENS – Hopes by retailers that cash-starved Greek would open their wallets and spend what’s left after an avalanche of pay cuts, tax hikes, slashed pensions and scores of thousands of layoffs as the country tries to stave off...