A collapse in demand, heavy taxes and shrinking liquidity were cited on Thursday by the president of Greece’s Economic Chamber as some of the main reasons behind nearly fifteen and a half thousand businesses closing their doors in Greece over the first five months of 2016.
Chamber President Konstantinos Kollias also bemoaned the fact that the state now owes individuals and private sector businesses a little over seven billion euros – often cited as one reason for a successful run of primary fiscal budget surpluses over the recent period.
He said exactly 15,435 businesses discontinued operation during the period, a more ominous development given that more businesses usually open in Greece over the first half of a given year than close. The second half of the year usually witnesses a spike in the number of businesses closing.
“The government must immediately cut tax rates; resolve the problem of non-performing loans and pay its obligations, similar to what it demands of taxpayers,” he said.
