ECONOMY

Half of brokerage firms have gone out of business

Half of the brokerage companies operating in the boom period of the Greek stock market, 1999-2000, have shut down.

Of the 89 firms in 2001 just 45 are still running 12 years on. At the start of the recession in 2008, there were 61 firms in business.

However, there are 17 remote members operating today, up from 14 five years ago.

Over 80 percent of the more than 6,000 staff of those companies has been sacked due to the very low turnover in the domestic bourse, with major stockbrokers absorbing as much as 70 percent of the daily trade.