Wednesday, September 4

Modest decline in foreclosures

A STUDY carried out by the Greek Confederation of Professionals, Craftsmen and Merchants finds €50bn bank recapitalisation is likely to result in only a modest decline in the rate of closures.
  Some 40,000 small businesses across the country are likely to close in the second half of 2013 at a cost of up to 90,000 jobs, despite a major bank rescue program implemented before the summer, a study published this week warned.
  The survey of 1,200 small businesses conducted between found that the €50bn bank recapitalisation was likely to result in only a modest decline in the rate of closures, from an estimated 55,000 in the first half of the year.
  The idea behind the recapitalisation program, part of the country's second international bailout deal, was to pump cash into the real economy.
  The survey also found that some 65.7% of small businesses said t hey had reduced hours or salaries for staff so far this year, while 75.4% described their situation as being worse than in 2012. Source: AP,

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