Wednesday, July 8, 2015

While the EU fiddles

Greek small business owners burn;
Maria Iliadou, who owns a franchise for the Goody’s Burger House chain in Thessaloniki, said suppliers who used to get paid via electronic banking are asking for cash for July. With capital controls into their second week and banks shut, she said she will have to close by the end of this month if she can’t access her account.
“I, and the other people like me who have a business to run, or have job positions in the private sector, are dubious about the conclusion of an agreement and are anxious about the time being lost every single day,” said Iliadou, 37.
Which is a particularly big problem for Greece, because;
Greece has one of Europe’s highest proportions of small enterprises and people working for themselves.

The ratio of self-employed to the labor force is about 35 percent, according to a report by the Washington-based Center for Economic and Policy Research. Among services companies, over 60 percent employ fewer than 10 people, Organization for Economic Cooperation and Development figures show.
The new Greek Civil War;
She [Maria Iliadou] voted “yes” to creditor proposals for more austerity in the Sunday referendum to ensure Greece stayed in the euro and banks reopened. Most of her employees, who are under 30, voted “no ” with the majority.

“People who voted ‘no’ are completely relaxed and not expecting any consequences,” said Iliadou. “The devoted followers of Tsipras absolutely honor him and believe this will end in a few days.” 
And, when it doesn't?

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