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Greek small business owners becoming own employees

CCTV.com

09-23-2016 02:41 BJT

Nearly one fifth of the Greek small businesses have closed due to troubled operations since the country's debt crisis began in 2011 and the remainder are trying to tough things out through any means possible. Some business owners have cut employees to reduce costs and now do the work themselves or with family members.

This gentleman, aged at 67 years old, has been running his family business on an island near Athens. Since the debt crisis broke in 2009, his company's performance has been dropping. Now he doesn't know when he can enjoy his retirement life.

He made a calculation. If he hires another driver and stays in the office, he needs to pay at least 2,500 euros more each month. So he decided to take on the driver's role in 2011 and encouraged his son to join him.

The hard work has paid off. Now the business is improving though the father and son have to play the roles of owners and employees. Analysts say such measures can help Greek business owners cut costs, but that makes it harder for young people without family business backgrounds to land a job.

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