Greece feels Christmas pinch as sales fall by third
Christmas shop sales in Greece fell by nearly a third this year in the worst festive trading for years as the country grapples with a debt crisis and a severe recession.
The National Confederation of Greek Commerce said clothes and shoe sales took the heaviest hit, falling 40% compared to last Christmas. It added that consumption of food and drinks fell 15%, while toy sales suffered least.
The statement said 90% of Greeks spent less in Christmas 2011, “out of necessity, not choice”.
Greece is heading for a fourth year of recession and has near-record high unemployment. It has been kept afloat by EU/IMF rescue loans since May 2010, after years of government overspending took it to the brink of bankruptcy.
