Greece’s downward spiral is all the more shocking because it happened so quickly, reversing almost two decades of strong economic growth that brought living standards close to north European levels. Three years ago, Athenians flocked to shops selling imported luxury goods, while restaurants were full every night. Now more than 20 per cent of shops in the historic city centre are empty. Fast-food outlets have proliferated as Greeks seek cheaper ways of eating out.
from Kerin Hope, “Grim effects of austerity show on streets of Greece”
Financial Times, page 6, Sat 18 February 2012
Hmmm. Fast food as an adaptive measure. Well, in the short-term, maybe. The article closes out with something that Robert Paterson would be nodding vigorously over…
Families who have maintained homes in villages or on the islands, have begun to return after decades in the capital.
“What is the point of staying if you do not have money to go out and enjoy the city, and if you don’t feel safe any longer?” says Anthimos, who took early retirement from a public sector job at the end of last year.