ECONOMY

Downturn, tight liquidity squeeze 65,000 businesses

More than 65,000 businesses in Greece are at risk of shutting down in the coming months due to the downturn and tight liquidity conditions in the market, a traders’ group said yesterday. According to figures presented by the National Confederation of Greek Commerce (ESEE), which represents almost 90 percent of the country’s commercial enterprises, in the first quarter of the year about 16,000 businesses either shut down or were in danger of having to close. If poor market conditions persist, over 100,000 jobs, including staff and owners, are at risk of being lost in the retail sector, the group added. Retailers reported a 22 percent year-on-year drop in sales over the Easter period, with clothing and footwear stores saying revenues fell by up to 30 percent in parts of the country.