BREAKING NEWS

Now Reading:

Greek economy stagnates as foreign suppliers demand cash upfront for goods


economy

Greek economy stagnates as foreign suppliers demand cash upfront for goods

As Greece continues to negotiate with its international creditors the six year recession has turned the economic squeeze into a stranglehold.

Stagnation is everywhere with shops reducing stock and shoppers keeping hold of every cent of spare cash.

Mina Minetsi runs a high street clothing store in Athens: “Business is not moving, nothing is moving, it’s really worrying. With everything that is being heard every day – one day we have an agreement the next day we don’t – people aren’t shopping because they are afraid.”

Insecurity is killing trust with the country’s business confederation
saying foreign suppliers are demanding pre-paid invoices or even cash in advance.

George Kavathas is president of the confederation of craftsmen and merchants:“About 8,500 businesses will close in the first six months of 2015, and more than 20,000 jobs will be lost, both wage earners, the self employed and the employers.”

As the EU considers the package of reforms proposed by Athens in order to receive its next bailout installment.

Its an anxious time for Greek business.

Every story can be told in many ways: see the perspectives from Euronews journalists in our other language teams.

Next Article

economy

Manufacturing up across the eurozone boosted by weak euro