Few people have the funds to go shopping for gifts this Christmas in Athens. Retailers are still hoping for a last minute buying spree.
German Chancellor Angela Merkel's visit to Athens was a sign of support for the Greek government's austerity measures. But experts warned that the country had not overcome its financial crisis.
Britain’s biggest retailers have reported heavy falls in sales around Christmas amid rising competition in their home market. They lost market share to Germany’s Aldi and Lidl which saw booming seasonal sales in the UK.
European consumers are set to increase spending for Christmas this year, revising a five-year trend of declining sales. But a new survey compiled by Deloitte research group also shows vastly diverging spending patterns.
Cheerful decorations, good food and gifts for the children are part of the traditional Greek Christmas. But as the country's financial crisis continues to wreak havoc, the country is in for a scaled-back holiday in 2012.
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