With tightened belts, Greeks pin hopes on a bailout that is not going well

ATHENS, Greece – Shops and businesses in Greece have been forced to shut down due to the severe financial crisis that the country is enduring, with hopes for an economic turnaround pinned on a bailout deal that is not going well.

"As you can see, all the shops are shuttered and have 'for rent' signs on them,” a resident told Rudaw on the Vouliagmenis Avenue in Athens.

“I dare say, if anyone wants to commit suicide in this country they should open a shop.”

Public discontent includes complaints that the raising of taxes by the Greek government failed to resolve the financial crisis.

Now, hopes are pinned on a bailout deal that Athens is trying to negotiate with the International Monetary Fund (IMF), the European Commission and the German government. Reports indicate that the Greek government and its bailout creditors are heading for a July showdown.

Greek politicians are trying to inject hope into a disgruntled population.

"From the next week until the end of April, the government will sign loan agreements with the EU bank and that means money will return to this country once again," Greek politician Sio Zoris told Rudaw.  "The industry and markets in this country will boost once again,” he added.

Until that happens, many people say they can look, but cannot buy.

"Due to the economic crisis most of the shops are shut. People only watch and they cannot buy,” said a shopkeeper in Athens.  “They just look at the cheap prices.”

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from Rudaw http://ift.tt/1TXZLCK
via Defense News