One Third Of Athens Businesses Shuttered

Tyler Durden's picture

Two weeks ago we showed the human aspect of the absolute economic collapse in Greece (because depression is too light a word to describe what is happening in this globalist vassal collony) when charting Greek unemployment surging by 1% in one month to 24.4%, and which as of September is likely nearly 30%. What this means in practical tax revenue terms (if the tax collectors were actually doing their job collecting taxes, instead of striking) is that there is nobody generating any economic products and services, and thus no state revenues. Today, Kathimerini confirms this, in a report that almost a third of all business in Athens have now shuttered: "The number of shuttered shops on the capital's busiest commercial streets, Panepistimiou and Stadiou, also hit a record high in August, reaching 34.7 percent on Panepistimiou and 42 percent on Akadimias, up 14 percent in the last six months." And so the close loop continues as fewer businesses are around to hire less people, generating less state revenue, encouraging less businesses to open and so on, until the entire country collapses in a heap of worthless debt.


Greece's deep recession has forced almost a third of businesses in the capital's commercial district to close down as shrinking incomes and frequent strikes drive Athenians away.


Tens of thousands of small businesses, which make up a big chunk of the struggling economy, have shut since Greece secured a 110-billion-euro bailout package in 2010 in exchange for promises of painful austerity measures.


On the capital's cobbled pedestrian shopping streets, long lines of shops are boarded shut while others have «Everything must go» signs plastered across their windows. Some arcades, once bustling with activity, are empty and enclosed by derelict buildings.


In the city's «commercial triangle», where generations of merchants had run successful businesses a stone's throw from the central Syntagma Square, an August census by retail lobby group ESEE found 31 percent of shops had closed.


That was up 13 percent from August 2010, just months after the government secured the first of two multi-billion euro international rescue packages.


"There are no signs that this percentage will fall and this is very worrying,» said ESEE head Vassilis Korkidis, estimating that about 63,000 Greek businesses were at risk of closing down within the next year.

The good news: it is still warm and the millions of hopeless Greeks dont have to worry about heating themselves for at least a few more months. This will change soon.

"It will be a very difficult winter - perhaps the toughest in the last three years,» Korkidis told Reuters. «Many businesses will not make it."

One social class is still doing ok: the wealthy.

While business has slowed across the city, it is less evident in the wealthier suburbs where two of the capital's biggest malls, home to many foreign designer brands, still attract shoppers.

Finally for those who think a comparable confluence of circumstances has never transpired in the past, may we suggest reading up on the last days of the French monarchy, and why holders of guillotine stocks as the anti-rich revulsion finally swept through France first and the entire world next, were the New (pardon the pun) Killing It.

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GetZeeGold's picture



Only a third? That's pretty damn impressive.


N. B. Forrest's picture

Atlas will soon shrug and they will then all close. 


When the current political system has a steak in its heart, then they will rise again out of the ashes of the current fascist regime. 

Precious's picture

Say it again.  Big cities are no place to be unless you are a politician out to control a large citizendum. 

Nothing To See Here's picture

If only Athens could get a little loan extension and some more inflation to grow their way out of this. Really, that's all they need. - P. Krugman

cossack55's picture

I was not aware that there were so many people of Greek extaction living in Athens, Georgia. Hmmmm...

flacon's picture

Many Americans are not aware that there are any other countries besides "America".

krispkritter's picture

What do you mean when you say 'Other countries'?

MachoMan's picture

Places that primarily watch forumula one instead of nascar...

Lohn Jocke's picture

Russian tanks enter Georgia, citizens of Atlanta report confusion because they didn't know that they shared a border with Russia...

Lohn Jocke's picture

Russian tanks enter Georgia, citizens of Atlanta report confusion because they didn't know that they shared a border with Russia...

Blasé Faire's picture

Sarah Palin, when asked to comment on the issue: "I told you so"

boiltherich's picture

Athens?  I think TD meant Camden-on-the-Aegean. 



Out of curiosity I just went to Travelocity to see the spectacular discounts they must be having on Greek vacations, I mean they really have to be hurting for tourists right?  From November 10 through November 20 SFO to Athens with flight/hotel for two adults, $5,300.  I think it will be a long cold bitter winter for them.

GaryNeville's picture

But curiously Greek voters apperently want to stay in the EURO at the behest of their German over lords...

Stockholm syndrome anyone...?!


Popo's picture

This has to be the easiest war ever fought.   Greece is 33% conquered already and the invaders haven't suffered a single casualty.  Only 67% more to go until there's no Greece left.


LawsofPhysics's picture

WTF?!?!  Let's extend your logic to another area, Compton L.A.  Unemployment is greater than 50% in this part of Los Angeles.  Are you saying that the folks that live there are 50% "conquered"?  Why don't you go right ahead and march in there and take the "spoils" then?  I suspect you might actually encounter some resistance. Let me guess, you also believe that a paper promise is also worth more than gold.  Well, good luck with all that.

mendigo's picture

If you do not understand that the people of Compton are conquered then you have not been paying attention.
They are oxen to be emplyed for the greater good - really we only want the young ones, the older ones know too much and are not worth the trouble. A problem easily solved though.

MachoMan's picture

March in there and take what?  It's already been taken...  to the conquerors, the physical land isn't particularly valuable nor are the people.  Control is now assured for an indefinite period of time given there is no viable support mechanism likely to emerge.  I hope I'm pleasantly surprised, but I sincerely doubt it.

HungryPorkChop's picture

The leader that tried to get them out of the Euro was replaced. 

Isn't the new leader is all tied in with Goldman.  Looks like they are good to go!

Peter Pan's picture

The reality is far worse than the one third of the shops that are vacant. Virtually every tenant is significantly behind in their rental but landlords do not dare to get rid of them as the alternative is far too scary. This is a fact.

In addition, Greece had built up too much excess capacity in terms of retail space and now that the world economy has slowed the day of reckoning has now well and truly hit.

Greece is one giant canary in the coal mine that many of us in other nations would do well to note because the same ill wind will eventually envelope all of us in one way or another.

JOYFUL's picture


Readers unafraid to stare into the maw of the really real dirty lowdown will recognize the presaging of an all too familiar sequence of events here...

but Greece is simply too far away for most Merikans to relate it to their own lives...another, much closer to home example of the relentless erosion of 1st)political; 2nd)economic freedoms undertaken as a  mandated experiment in social Cuba...

only 50 odd years ago it's living standards amongst the top three in all the Americas, home of a large middle class and healthy export base - reduced within the space of a generation to a harbinger of the koming kabbalist-driven nightmare world of want - where peeple are forbidden from leaving, live just above(or on) the starvation level, receive indoktrination from kradle to grave in giving obedience to the state before family, friends, or kommunity, and die exhausted from the pointlessness of raising the 'new socialist man' up to bekome two bit hustlers renting their daughters or sisters out to swarms of smarmy visitors, whilst a 'new klass' of parasitical politicos dines out on the stolen proceeds of the kleptocraptic kriminal state monopoly of power.

...all brought together by another CFR trained n financed puppet princeling and the komplicit western media who aided his idolization(and that of his bloodlusting sidekick 'El Che')and the suppression of the authentic voices of the Cuban peeples in order to turn the island paradise into a huge open air prison kamp and lab experiment.

Castro, Pol Pot, Barry Soetero. First kome Hope. Change. Dignity of the New Man.

Then gunshots in the night. After a while, no one asks, or looks when the bodies are rolled away by the lorry load. Now yu too, have the chance to "vote" for yur own extinction.

Offthebeach's picture

2/3rd of businesses still open? That would be a boom revival in Detroit., Brockton....and a hundred post Federal Reserve Act cities.

Yes_Questions's picture



Post Federal Reserve Act Cities...


That's fucking good right there.

It removes the mystical and distracting 'apacolyptic' and gives us back to reality.



TX-Mike's picture

Actually, those cities are DEMOCRAT cities.  Between the Democrats running the show politically and the Unions extorting blood money from the employers (as well as teacher's unions dumbing down the kids) those cities are the greatest US examples of what Democrats do when left unchecked.

Somebody needs to produce a video for the sheeple that puts it in simple terms..  Vote Democrat long enough, get Detriot.  Thank you..  Game over...

It's sad when current day Democrats make me miss Slick Willy...  UGH!


Offthebeach's picture

The industrial/trade cities were built and continuously prospered for two to three hundred years on true economy, real production of real physical goods with comparatively little debts. The Federal Reserve was the method by which everything became leveraged, financialized. Liquid, as in liquidation.
Now the so called economy can't even support the last huckster redoubt of Real Estate, Insurance and even Finance.

This nation reminds me of third generation trust funders talking about old tooth and claw Gramps who made, stole, cast, branched whatever, the big bucks. Now were in the decaying manse, kiting checks to the plumber, drunkenly taking offense to his weary demand for cash first.

Eireann go Brach's picture

How dare you ZH report on Greeces woes!! Obama has banned everyone on earth from discussing this issue until after the elections, and you will be considered a terrorist!

Sudden Debt's picture

The glass is still more than half full...

     Greetings, The Socialists.

GetZeeGold's picture



Communism can be sexy......the Soviets tried to scare us. We said....screw you.


Good thing they didn't send Irene Nelson.


I don't understand a damn word of that...but I like it.


Do you surrender? Yes ma'am......I do!

Joshua_D's picture

Central planning? Sounds good to me.

ElvisDog's picture

The ADD-style editing in that video ruins it. They need to hold the camera on her for more than 1 second before changing the shot to a different scene or angle.

GetZeeGold's picture



Dude....maybe your just gay.


....not that there's anything wrong with that...

ElvisDog's picture

Hmmm, Can you be gay if you really like to have sex with women? Off topic historical tidbit, the Athenian democracy was initiated because of a gay love triangle (and the murder of one part of the triangle who was part of the ruling oligarchy at the time).

GetZeeGold's picture



That could be bi.....not that there's anything wrong with that.

JPM Hater001's picture

Um, the glass is neither half full nor half empty.  It has been hoc'ed for food.

Yes_Questions's picture



Broken with a shard held at our necks.

Clashfan's picture

Their leaders (and a lot of the people) wanted in the EU. Then the leaders (increasingly against the will of the people) wanted the bailouts.

How much did either help Greece, in the long run? Plenty of voices were urging them to go the Icelandic route.


DutchMadness's picture

When you change your donkey for a Porsche, this is what happens..

GetZeeGold's picture



Fine....i'll give you two donkeys for the Porsche......but that's my final offer.



Sudden Debt's picture

Are they still Virgins? If so, we've got a deal because Virgin donkey's raise top money in Arab world!

Dugald's picture

I raise you two donkeys and a small island off Japan.

GetZeeGold's picture



.......I'm thinking.


Peter Pan's picture

How about I give you 300 Greek politicians for a single donkey.

The Navigator's picture

Throw in a rope and a tree and you got a deal......... and you can keep the donkey.

Anusocracy's picture

That's what is on your typical American's backside.

FubarNation's picture

Soon coming to an American City near you?

LongSoupLine's picture


See: Camden, NJ and most of RI and CA