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Bankruptcies of Greek companies up 44 percent in 2010
Date: 2010/12/1 Click: 1845
Bankruptcies of Greek companies increased by 44 percent in 2010 on an annual basis due to the severe economic crisis that has hit Greece, the National Confederation of Greek Trade (ESEE) said in report on Monday.

Furthermore, approximately one in two major enterprises (43.7 percent) intend to proceed to mass dismissals of employees in 2011, ESEE President Vassilis Korkidis added, presenting the annual report of the Confederation.

In 2010 more than 27,100 jobs were lost in the sector due to the crisis. The number accounts to almost one in four job positions lost during this year in all sectors of Greek economy ( the total stands at 104,920, according to figures of the Greek Organization of Employment of Working Force).

Noting the pessimistic projections of Greek entrepreneurs on the short-term future, regarding sales, revenues and investments, Korkidis stressed that 65 percent of major companies forecasts further drops in investments and 60 percent of small and big enterprises expects less sales and revenues in 2011.

In 2010, according to the annual report, for first time in years there was a drop in the sales of food products that reaches up to 10 percent compared to last year. In electrical appliances the decrease stands at 15 percent, in cosmetics at 17 percent and in clothing and footwear at 40 percent.
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