One per cent Of Greeks Will Get Laid Off In 2010

greek basketball

The Greeks aren’t happy about the weekend bailout, which is exactly what they’ve been raging against for months.

Now the austerity era begins.

A survey by the National Confederation of Greek Commerce found that most businesses expected to lose money in 2010 and many would consider layoffs.


Seven out of 10 commerce enterprises in Greece foresaw a drop in sales and revenues in 2010, according to the survey involving 1, 082 companies.Nine out of 10 will not make any investments during 2010, and three out of 10 will shrink their personnel, which means that approximately 100,000 people will become unemployed.

According to the latest data from the Greek National Statistics Agency, unemployment in Greece reached a 10.3 per cent in late 2009, but even the labour Minister Andreas Loverdos has expressed fear that it could surpass 12 per cent in the following months.

Government budget will drag down the whole economy. That’s why everyone, not just government workers, is still striking and may continue to riot.

Don’t miss: Here’s What You Need To Know About The Greece-Like Riots Exploding In California

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