Greek businesses have suffered for the last six years due to the financial crisis that hit the country. In 2015, the Greek economy was expected to start its recovery, however the unexpected election and the political uncertainty that surrounds them are extremely worrying for businessmen across the country. The austerity measures enforced by the Greek government in order for the country to repay its debt caused Greek businessmen to pay around 40% more in taxes, while the minimum wage and pension cuts resulted in a significant drop in sales. For example, the national retail sales turnover during Christmas dropped by 500 million euros compared to last year, since the disposable incomes issue was intensified by the country’s current political uncertainty, noted the National Confederation of Entrepreneurship and Commerce (ESEE). “The winter sales period has started and will continue until the end of February but retailers have very limited expectations as forecasts point to a 5 to 8 percent drop in turnover from the same time last year,” stated ESEE president Vassilis Korkidis. Furthermore, the uncertainty that surrounds the upcoming election, where it is not certain if any political party will be able to form a majority government, frightens businessmen that any chance of recovery will be delayed by a damaging political stalemate. “Banks have begun to stir in helping enterprise, but the elections have put everything on hold. For the business community, the key requirement is to quickly have a government in place, no matter who it is, and especially to avoid a follow-up ballot,” said Haris Makriniotis, head of Endeavor, a company that helps business startups. Greece is not like Belgium where the country functioned for five months before a government was formed. “We will not be able to hold out for months without a government” said Vassilis Korkidis, head of the Greek commerce confederation.
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