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| Greece suffers more misery as retails sales slump by nearly a third | Greece suffers more misery as retails sales slump by nearly a third |
| (10 days later) | |
| Barely a day after securing more international aid in exchange for yet more draconian reforms, Greece got a bitter taste of the price of austerity on Tuesday, when statistics showed that retail sales had shrunk by more than 30% over the past three years. | Barely a day after securing more international aid in exchange for yet more draconian reforms, Greece got a bitter taste of the price of austerity on Tuesday, when statistics showed that retail sales had shrunk by more than 30% over the past three years. |
| The impact of spending and budget cuts on private consumption has had a devastating effect on commerce, the engine of the Greek economy, according to the debt-stricken country's statistics agency, Elstat. | The impact of spending and budget cuts on private consumption has had a devastating effect on commerce, the engine of the Greek economy, according to the debt-stricken country's statistics agency, Elstat. |
| With some 27.5% of Greeks officially unemployed – a eurozone record – retail sales dropped by 14.4% year on year in February, following a slump of 16.8% in January. | With some 27.5% of Greeks officially unemployed – a eurozone record – retail sales dropped by 14.4% year on year in February, following a slump of 16.8% in January. |
| "The economy is in freefall. Not since the second world war has the situation been as bad," said Prof Valia Saranitou, at the national confederation of Greek commerce (ESEE). | "The economy is in freefall. Not since the second world war has the situation been as bad," said Prof Valia Saranitou, at the national confederation of Greek commerce (ESEE). |
| "An unprecedented 150,000 small and medium-sized businesses have closed in an economy that works on internal demand," she told the Guardian, adding that Greece's widely praised exports rebound had been grossly exaggerated. | "An unprecedented 150,000 small and medium-sized businesses have closed in an economy that works on internal demand," she told the Guardian, adding that Greece's widely praised exports rebound had been grossly exaggerated. |
| Since the eruption of Europe's debt crisis in Athens in late 2009, retail sales had plummeted by more than a third – 34% – the statistics service said. | Since the eruption of Europe's debt crisis in Athens in late 2009, retail sales had plummeted by more than a third – 34% – the statistics service said. |
| The decline in the real economy – and on the shop floor – reflects the huge drop in disposable income suffered by ordinary Greeks since the outbreak of the crisis. | The decline in the real economy – and on the shop floor – reflects the huge drop in disposable income suffered by ordinary Greeks since the outbreak of the crisis. |
| Although the nation has narrowly averted bankruptcy with the help of the biggest bailout in global history – €240bn (£203bn) in rescue funds from the European Union and International Monetary Fund since May 2010 – prospects of the country returning to capital markets any time soon remain far from assured. | Although the nation has narrowly averted bankruptcy with the help of the biggest bailout in global history – €240bn (£203bn) in rescue funds from the European Union and International Monetary Fund since May 2010 – prospects of the country returning to capital markets any time soon remain far from assured. |
| The Greek prime minister, Antonis Samaras, highlighted the country's plight, telling ministers on Tuesday there was not a day to lose in the nation's battle to keep bankruptcy at bay. | The Greek prime minister, Antonis Samaras, highlighted the country's plight, telling ministers on Tuesday there was not a day to lose in the nation's battle to keep bankruptcy at bay. |
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