Greek SMEs warn of grave consequences on business activity, demand solution

Only the food market stays alive, the heads of Athens and Piraeus Chambers of Craftsmen and Traders, representing around 60 pct of small- and medium-sized enterprises in Greece, said on Monday.

In a joint news conferece, the heads of the said that the domestic market has totally frozen, except from the food sector while they warned that consumer sentiment could take up to two months before recovering from the current situation. They added that SMEs have been forced to give forced leaves to their employees. They noted that around 10,000 enterprises have closed down since the start of the year, while around 600 workers lose their jobs everyday and stressed that this trend was likely to intensify. They warned that product shortages could emerge in the market unless banks reopen by next Tuesday.

They said that recessionary proposals –which put further burdens on the private sector- was not an one-way road, but Greece could present an alternative proposal, while they warned that the impact on business activity after the referendum would be the total loss of the current tourist season, a further capital outflow because of uncertainty over the financial system of the country, a credit crunch in the economy, the strangling of export businesses and the inability of the state to collect taxes.

“It is imperative to find a solution now,” a memorandum signed by all four Chamber heads noted.

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