Forty-seven per cent of Greek consumers say they have relied on their savings to cover their needs in the past few months, while 16 per cent were forced to borrow to spend, according to a survey by the Labor Institute of the General Confederation of Greek Labor (GSEE) and the Association of Working Consumers of Greece (EEKE).
The reduction of incomes continued in 2015 for more than half of Greece’s wage-earners (53 per cent), though this is markedly better than the 70 per cent rate recorded last September.
In terms of expectations for the current quarter, consumers (who responded just three or four weeks after the change in government) said that things could not get much worse: Three in four (75 per cent) said incomes would remain stable (from 57 per cent in September), 16 per cent expected a decline (from 40 per cent five months earlier) and 9 per cent even expected to see their incomes rise.
Source: Kathimerini