Reuters - Video

EDITION: U.S. | U.K. | IN

Greece

Debt crisis drives Greek car sales down

Monday, March 05, 2012 - 02:03

Mar. 5 - Greek car sales have slumped by more than 50 percent, as time runs out for the country's private bondholders to accept a crucial swap deal. Andrew Potter reports.

▲ Hide Transcript

View Transcript

Heavy discounts for used cars in the Greek capital Athens. Austerity measures are biting, and car sales in Greece have slumped. (SOUNDBITE) (Greek) DC CARS DEALERSHIP OWNER, DIMITRIS TOUNTOURIS, SAYING: "Two years ago we would sell around 200 to 300 cars, and now not even 40 the whole year. And those 40 are all small cars. We don't sell larger cars at all anymore because people don't have the money." As Greeks look to make savings, many are selling their cars and not replacing them. The knock on effect is fewer customers for car dealerships. The Greek Association of Motor Vehicle Importers says 600 have shut in the past two years. (SOUNDBITE) (English) GREEK ASSOCIATION OF MOTOR VEHICLE IMPORTERS VICE PRESIDENT, JOHN CONDELLIS, SAYING: "Sales have dropped. They have dropped a lot. And taking as a reference the average annual sales for the decade before the crisis, now 2011 was something like more than 65 percent down. But the past one or two months has been worse, because February 2012, total market was 3800 units - that's 82 percent less than the average." The situation's unlikely to improve soon. Greece faces years of spending and job cuts as the country tries to dig itself out of debt. Yet another crucial deadline is approaching. Greece needs three-quarters of its private creditors to agree to write off half the money they're owed and swap the rest for Greek government bonds. The deal must be completed by Thursday for Greece to get a 130 billion euro bailout package. For Greece's struggling car dealers new customers are arriving. Georgians, Albanians, Romanians and even Germans are travelling to Greece on car shopping holidays, hoping to pick up a bargain. Andrew Potter, Reuters

Press CTRL+C (Windows), CMD+C (Mac), or long-press the URL below on your mobile device to copy the code

Debt crisis drives Greek car sales down

Monday, March 05, 2012 - 02:03

Editors' Picks »

Most Popular »

Business »

Moving Pictures »

Images of October Images of October

Mon, 03 Nov, 2014 - (0:57)

The world in a city The world in a city

Fri, 31 Oct, 2014 - (1:30)

Real-life superheroes Real-life superheroes

Tue, 28 Oct, 2014 - (1:44)

Dance of the northern lights Dance of the northern lights

Mon, 20 Oct, 2014 - (1:08)

Images of September Images of September

Thu, 02 Oct, 2014 - (1:00)

Still missing – MH370 Still missing – MH370

Fri, 05 Sep, 2014 - (2:05)

Burning Together Burning Together

Mon, 01 Sep, 2014 - (2:23)

Mending dolls, teddies and hearts Mending dolls, teddies and hearts

Fri, 22 Aug, 2014 - (3:12)

Images of August Images of August

Fri, 29 Aug, 2014 - (1:00)

"Old timers" sail the Chesapeake Bay "Old timers" sail the Chesapeake Bay

Mon, 11 Aug, 2014 - (2:27)

Oddly Enough »

Buffalo on a rampage injures 14 in China Buffalo on a rampage injures 14 in China

Tue, 25 Nov, 2014 - (0:30)

Thailand hosts the largest gathering of Santa's Elves Thailand hosts the largest gathering of...

Tue, 25 Nov, 2014 - (0:54)

Yellow-spotted turtles rescued from trafficking Yellow-spotted turtles rescued from...

Mon, 24 Nov, 2014 - (0:44)

Birds around the world take flight Birds around the world take flight

Sat, 22 Nov, 2014 - (2:00)

Calling all men: here's your chance to experience labor pains Calling all men: here's your chance to...

Thu, 20 Nov, 2014 - (1:43)

Annie Leibovitz showcases historic "Pilgrimage" Annie Leibovitz showcases historic...

Thu, 20 Nov, 2014 - (1:38)

Block-long billboard lights up Times Square Block-long billboard lights up Times Square

Wed, 19 Nov, 2014 - (1:19)

Japan’s military gets sexy Japan’s military gets sexy

Tue, 18 Nov, 2014 - (1:30)

Paris turns on holiday spirit Paris turns on holiday spirit

Mon, 17 Nov, 2014 - (0:57)

Reuters Investigates »

Where the sea is closing in Where the sea is closing in

Thu, 20 Nov, 2014 - (3:41)

Re-homing victim: "I could have been dead" Re-homing victim: "I could have been dead"

Wed, 19 Feb, 2014 - (8:24)

Cops and loggers in the Amazon rainforest Cops and loggers in the Amazon rainforest

Fri, 10 Jan, 2014 - (4:01)

"Passed around like a dog" "Passed around like a dog"

Thu, 29 Aug, 2013 - (6:32)

Adopted, then abandoned online Adopted, then abandoned online

Thu, 29 Aug, 2013 - (13:22)

How the DEA keeps its secrets secret How the DEA keeps its secrets secret

Mon, 05 Aug, 2013 - (1:36)

How education lost its role as the great equalizer - Reuters Investigates How education lost its role as the great...

Mon, 17 Dec, 2012 - (7:52)

Jihad Jane: From abused child to American jihadist - Reuters Investigates Jihad Jane: From abused child to American...

Sun, 09 Dec, 2012 - (10:02)