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2/7/13

Greece - Economy: Half of Greek households struggle to pay bills and taxes

About half of Greek households struggle to pay their mortgages, utility bills and taxes, according to a survey on Thursday that showed the risk to government revenue targets posed by growing financial hardship.

More than 90 percent of households suffered a 38 percent fall in income since the Greek debt crisis started in 2009, the survey by the small businesses' confederation GSEVEE and polling organisation Marc found.

"Greek households and consumers have reached their financial limits," GSEVEE said. "They can't afford additional increases in taxes, electricity prices or income reductions."

Repeated rounds of spending cuts and tax increases to unlock bailout aid from the European Union and the International Monetary Fund are taking a toll on household budgets as Greece enters a sixth straight year of recession.

Half of those polled said they had to borrow money from friends and relatives to make ends meet in 2012 as one in 10 households have at least one member unemployed.


Read more: Financial Mirror dot com - Half of Greek households struggle to pay bills and taxes

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