ECONOMY

Small firms under acute threat of closing

More than half of small Greek businesses said they are at risk of shutting down this year as revenue and bank lending decline, according to a Marc SA poll.

About 53 percent of the 1,200 enterprises surveyed said they may close, according the poll, which was posted on the website of the Small Businesses Institute at the Hellenic Confederation of Professionals, Craftsmen and Merchants.

About 11,000 enterprises may shut in the next three months.

Retailers and wholesalers will see revenue decline by as much as 53 percent in 2012 as the country?s fifth year of recession continues to hit sales, the National Confederation of Hellenic Commerce said this week.

More than 62 percent of those questioned in the poll expect revenue to drop in the second half of the year, after 85 percent saw sales decline in the first six months of the year. [Bloomberg]