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Edition: U.S. Article Slideshow Video Save Email Print Reprints Most Popular Most Shared Greek MPs lash out at Germany over debt crisis 18 Feb 2010 Niger's capital calm one day after coup | Video 8:51am EST Bad news for record lottery "winner" 16 Feb 2010 Lady Gaga tops Cowell's "Idol" mentor wish list 18 Feb 2010 Corrected: Fed seeks to calm markets after discount rate rise | Video 10:40am EST Cleveland deemed most miserable city in USA 18 Feb 2010 For Apple suppliers, loose lips can sink contracts 17 Feb 2010 Corrected: Fed seeks to calm markets after discount rate rise | Video 10:40am EST Black farmers win $1.25 billion in discrimination suit 18 Feb 2010 China's "ant tribe" poses policy challenge for Beijing 17 Feb 2010 Ice-coffee on sale in debt-stricken Greece Renee Maltezou and Ingrid Melander MARKOPOULO, Greece Fri Feb 19, 2010 10:40am EST Related News EU vows to hold Greece to austerity, markets wilt Wed, Feb 3 2010 WRAPUP 5-EU vows to hold Greece to austerity, markets wilt Wed, Feb 3 2010 Related Video Fuel shortage and strikes in Greece 9:47am EST < 1 / 5 > View Full Size MARKOPOULO, Greece (Reuters) - This one-time rural backwater east of Athens has gone from Olympic boom-town to economic gloom-town in barely five years. World Markopoulo's dream of prosperity, conjured up by the 2004 Olympic Games, evaporated when debt-stricken Greece entered its first recession in 16 years. "In 2004, there was a lot of work," said building contractor Yannis Evangeliou, 55, perched on the second floor of a site he is overseeing, one of the few in activity in the nondescript town of 10,000 souls. "Now people are just sitting around in cafes, they have no jobs," he said. "We don't go out as much. We buy fewer clothes. We're really careful (with money) because we have kids. What else can we do? Stop eating?" The Games triggered a construction boom in the sun-drenched town, as a new motorway connection to Athens, proximity to Olympic venues and the country's main airport and to crystal-blue waters brought hopes it would become a new hub. But as Greece's debt crisis has amplified the global downturn, people have stopped moving to Markopoulo. Credit has tightened, tourism dried up and construction almost stopped. In her coffee and cheese-pie snack bar near the central square, Vassiliki has cut all prices by 20 percent, selling the Greeks' favorite ice cold frappe coffee for just 1 euro. Still, customers are scarce. "We do this for people to make it through the crisis," Vassiliki said as few passers-by strolled past empty shops. Like several other residents, she declined to give her full name, either out of small-town caution or because some were migrants. "IN SHOCK" Greece's 250-billion euro ($338.9 billion) economy contracted by an estimated 2 percent last year, less than the average 4 percent drop in the euro zone. But the impact has been felt harder since jitters over Greece's ability to repay its debt mountain shook markets. Fear of the crisis has become a self-fulfilling prophecy, residents and shop owners said. "Since they said there was a crisis, people have stopped spending," said 31-year-old waiter Dimitris Christodoulou, serving fish in a restaurant in Porto Rafti port. Conservative New Democracy mayor Fotis Magoulas said even those who could afford to were no longer spending or investing. "People are in shock. It's also psychological," he said. "We are being bombarded with messages that it's very difficult, about the recession, the IMF. People are scared." Unemployment in Markopoulo has risen to around 10-12 percent from a mere 3-4 percent during the Olympics, he said. Hammered for months by markets over sharply deteriorating public finances, the socialist government has announced a series of deficit-cutting measures including fuel, tobacco and real estate tax hikes and a public sector wage freeze. In the streets and cafes of Markopoulo, many residents agreed that time had come for some belt-tightening. Nicoletta Tzobanouli, 35, cramped inside a miniscule kiosk selling sweets and newspapers, made light of adversity. "I always felt squeezed in here so I'm not afraid to be further squeezed," she said. "I agree with the measures, as long as they take us out of the crisis." Polls show a majority of Greeks back the government's plan, although trade unions have called a general strike on February 24. PROTESTS But many Markopoulo residents say they want quick results and their patience with austerity measures would be limited. "We will accept them for now. Protests look extreme at this point, but in a year or so we may take to the streets," said Andronicos Ioannidis, 62, sitting in his empty photography shop. EU pressure for the austerity plan has angered some who say the best way out of crisis was to restore economic growth. "They are asking for harder and harder measures but this has a time limit. There has to be growth ... you can only kill a cow once but you can milk it forever," said local council opposition leader Nikos Sourbatis. "Now they (EU governments) are trying to kill the cow." Worryingly for Prime Minister George Papandreou, who faces the prospect of having to impose still tougher measures on his core electorate, Sourbatis is a member of the governing PASOK socialist party. Even those residents who acknowledge that most of Greece's woes were self-inflicted say pressure from Brussels is driven partly by envy at their easy-going Mediterranean lifestyle, and feel entitled to more European solidarity. "The EU sees how much we've spent all these years, that we had more fun than others and they don't want to give us money," said Evangeliou, the building contractor. "But they have to support us since we are EU members, they have to help us." (Writing by Ingrid Melander; Editing by Paul Taylor) World More from Reuters Consumer prices rise marginally WASHINGTON (Reuters) - Consumer prices rose less than expected in January, while prices excluding food and energy fell for the first time since 1982, supporting the Federal Reserve's contention it would keep its benchmark interest rate low for an "extended period." Tiger Woods to make public apology | Video Corrected: Fed seeks to calm markets after discount rate rise | Video Toyota head prepares for Congress grilling on recalls | Video In Nevada, Obama pushes for more housing help NY Democrats seek to avoid Massachusetts debacle » More Top News The regulator and his mousetrap You probably don't know cyber sleuth Daniel Hawke, but he's got a secret weapon that's helping the SEC take down the rogues of Wall Street. Full Article Manhattan's economic crimes bureau Court says Stanford must stay in jail Corporate Crime Vancouver 2010: Lysacek glides to gold Yevgeny Plushenko's imperious reign as Olympic champion ended with a spell-binding free skate by Evan Lysacek. Full Article "Evan needs the medal more than me" Winning without the quad jumps Olympic podcast: Day six 2010 Winter Olympics © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts.com Buyouts Europe: Buyouts Conferences: Venture Capital Journal EVCJ International Financing Review International Securitisation Report Project Finance International PEhub.com PE Week Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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