ECONOMY

EU Economic and Monetary Affairs Commissioner…

With austerity measures squeezing the real economy, retail businesses have been closing down at a fast rate in response to the worsening conditions. In some parts of Athens, one in four stores have shut down due to the plunging consumption caused by austerity measures aimed at cutting Greece’s massive budget deficit. EU Economic and Monetary Affairs Commissioner Olli Rehn said on Monday that Greece may have to step up its budget-cutting efforts to meet its 2011 deficit target after Eurostat, the EU’s statistics office, raised Greece’s 2009 deficit this week.