``The avalanche of new taxes that began this month will deal a devastating blow to household incomes, consumption and the prospects of the Greek economy in general... Crucially, the disposable income of households will shrink anew due to the increase in taxation and the hikes in almost all indirect taxes and social security contributions. Hundreds of thousands of families are cutting down on their basic expenses while many have run into debt over various obligations.. All that has resulted in major drop in retail spending.'

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