High pessimism, low spending among Greek consumers

Nine in 10 Greeks consider that their country is in recession, compared with seven in 10 Europeans, while four in 10 Greeks say they spend all their available income to cover their basic needs.This was reported in the consumer confidence survey published by Nielsen on Tuesday. Greeks are also the most concerned among Europeans that the recession will persist in coming months and about their future financial and employment prospects.Concerning the behaviour of Greek consumers, the survey found that four in 10 have no money left over after meeting their basic needs while the rest either use their cash to pay off loans and credit cards or put it into savings accounts so that only a small percentage is spent on purchasing goods and services.