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Greek Companies Declaring Bankruptcy Increase by 44%

Greek companies declaring bankruptcy have increased by 44% in 2010.  This is due to the severe economic crisis that has hit Greece, the National Confederation of Greek Trade (ESEE) said in a report on Monday.
Approximately one in two major enterprises at 43.7% intend to proceed to mass dismissals of employees in 2011, ESEE President Vassilis Korkidis added.  He presented 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% of major companies forecasts further drops in investments.  60% of small and big enterprises expect 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 reached 10% compared to last year. In electrical appliances the decrease stands at 15%, in cosmetics at 17% and in clothing and footwear at 40%.

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