30% of small businesses in Cyprus bankrupt

Nine months after the Eurogroup meeting and the shocking austerity measures decided for Cyprus, capital city Nicosia remains worried about the situation and the future.

Damaged psychology, rising unemployment and a dramatic reduction in salaries and pensions have frozen the market. Some restaurants and café – bars, in and out the old city, are busy. But many small and medium businesses, such as shops, kiosks and bakeries, have gone bankrupt.

According to the latest estimates by the Cyprus Federation of Small-Medium Enterprises, 30 per cent of small businesses have closed down over the past three years.

“The economy has collapsed, the streets are empty and my business is close to bankruptcy”, shop owner Yiannis Andreou told the Independent Balkan News Agency.

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(Photo: Senan Sagsan/sxc.hu)