Tech start-ups click into place to fight off Greek recession

Society By: Nick Malkoutzis
Photo by Harry van Versendaal
Photo by Harry van Versendaal

It is clear that the economic environment in Greece over the last few years has been unfavourable for local businesses. Demand has plummeted, liquidity has evaporated and political instability coupled with international speculation about Greece’s future in the euro have created numerous and large obstacles for Greek entrepreneurs in all sectors. Between 2009 and 2011, more than 486,000 businesses closed down, while the 2012 accounts of almost 4,500 firms analyzed by the Icap Group found that 52 percent were losing money.

While the business environment is undoubtedly negative, thousands of companies have also been founded during the crisis. Starting a business is one of the ways Greeks have to combat an unemployment rate that is expected to pass 27 percent by the end of ...

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