Greece's main business association says the debt crisis and low consumer demand have forced the closure of one in seven stores in Athens' main shopping areas. The National Confederation of Greek Commerce, or ESEE, says clothing and shoe shops suffered most, while up-market areas weathered the crisis better than lower income districts. An ESEE survey published Monday found that 505 of 3,421 shops on main shopping avenues were closed, contributing to unemployment and threatening property values. “Retail trade has been subjected to a tough crash test for the past year, and is counting extensive losses,” ESEE chairman Vassilis Korkidis said. Greece nearly went bankrupt in May, and took painful austerity measures to secure vital international loans.
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