ATHENS (Commodity Online): After Fitch ratings predicted that Greek will default on their March 20 payment, the National Confederation of Greek Commerce (ESEE) has admitted that the situation is so dire that the economy is facing serious threats.
Declining consumer income is forcing the consumers to cut back on purchases, thereby affecting businesses. In fact, ESEE estimates that almost 160,000 jobs will be lost in the commerce sector this year alone.
''Consumers are out there looking but no one is buying. What we are seeing is a very serious liquidity crisis. People have been pushed to their limits. They haven't got any money to spare”, The Sydney Morning Herald quotes Antonis Megoulis , head of the ESEE
Given the data for a 6.2 percent fall in household consumption in 2011 and the Eurostat forecast for a further decline by 4.3 percent this year (2012), ESEE warns that soon Greece will be in a condition of absolute poverty, ekathimerini.com reports.
