Greece New Car Sales down 50 pct in May image

New car sales in Greece fell 47.3 percent in May, and is 40 percent down in the first five months compared to 2011.

In May 2012 5,314 passenger cars were registered.

Light commercial vehicle registrations reached 233 units in May, recording a strong drop compared to 642 units that were registered in the corresponding month of 2011 (-63.7%).
The significant drop in vehicle registrations that was noted in April, has increased yet again in May in the medium and heavy commercial vehicle market sector, where just 16 vehicles were registered in 2012, compared to 46 in 2011 (-65.2%).


Automakers are now facing a serious economic downturn in Europe and a possible disruption of financial systems if Greece or any other nation leave the eurozone, the 17-country region that shares the euro as currency, The Detroit News reported Thursday.

A recovery in Europe “depends on many factors: first Greece, then the way in which the Euro currency will continue and what Europe will do to sustain growth,” Marchionne said in the interview.
“If Greece bolts out, I think all bets are off. We’ll have to see how much of what’s left hangs together. The contagion effect is unavoidable.”

On Sunday, Greeks will vote for a new government in a plebiscite that is widely viewed as a referendum on whether their country should remain part of the European Union or withdraw.

Greece could exit the euro zone within weeks or months if the far-left party Syriza — the second largest party in Greece — wins the election Sunday and forms a coalition, experts in Washington said Thursday.