Greek economic recovery slow

Debt crisis has also become a hot topic in Greece. Many are wondering what the government will do to repay its foreign creditors. Chinese merchants living in the Greek capital believe economic recovery will be slow.

Chinatown is a 7-storey building near Athens' city center. It's much smaller than Chinatowns in the US and the UK, and accommodates less than 100 overseas merchants. But the small center of commerce and trade has expanded its business into nearby streets. In all, the area now has more than 200 Chinese merchants.

More and more Chinese people have been migrating to Greece since 2001. In the 1990s, there were only few hundred living there now the number of Chinese immigrants has surged to 30,000. Nearly 80 percent of them are in the foreign trade industry. And over the past few years, they've built successful businesses, selling Chinese made clothing, shoes, and everyday goods. But none of them have escaped the effects of the global financial crisis.

One business woman in Chinatown said "Our business this year is not as good as the previous year. We didn't make much money.

Xu Weichun, Chairman of Overseas Chinese Chamber of Commerce said "We have been watching the business performance of Chinese merchants in Greece. Based on our data, their overall business has shrunk around 20 to 30 percent from the previous year. "

On the upside, the tough economic times have drawn more wholesale buyers to Chinatown. Now the market is seeing an increasing number of people buying accessories and clothes in bulk, for the up-coming Christmas and New Year Holiday. But it hasn't yet translated into jobs.

Wu Hailong, President of Athens Chinatown said "Made-In-China goods are very competitive here. Because they are good quality at a reasonable cost. Greece doesn't have a manufacturing industry. Almost all the products here are imports. So Chinese products are just what Greek people want, because they meet the country's consumer demand."

Shi Yan, Staff of Athens Jiacheng Job Agency said "Previously, I could have 15 to 20 job offerings every week. But I only helped 3 people find jobs this week. The main reason is because there are not many recruitments right now, but the number of people looking for jobs has more than doubled."

Local Chinese merchants are confident that the Greek economy will eventually recover. But the country relies heavily on tourism and ocean shipping industries that are still bleak. Meaning economic recovery could be a lot slower in Greece than in other nations.

The Prime Minister's economic reform plan is being heavily scrutinized so it's hard to predict whether it will be passed in parliament, and speed up recovery.