Greece Sales Data Continues To Weaken, BMI Food And Drink Forecasts Downgraded

The latest sales data for Greek retail sales points to a significant worsening in demand, with retail sales down by an average of 10.2% during the first three months of 2011 (see first chart). Despite its defensive nature, the food and drink sector has not been spared, with sales down by 10.7% over the same period. This is a much steeper decline than during 2010 and was in excess of our expectations. We have therefore downgraded our forecasts. It is clear that there are no simple solutions to Greece's economic strife and, unlike Ireland, there are few signs that domestic

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