A recent study titled “The Café Economy” by the Hellenic Observatory at the London School of Economics (LSE) reveals an uncomfortable truth about the transformation of Greece’s economy following the bailout era.
The study, co-authored by Michalis Nikiforos, Vlassis Missos, Christos Perros, and Nikolaos Rodousakis, analyzes how Greece has morphed into a “cafe economy.” This describes the massive expansion of the Accommodation and Food Service Activities (AFSA) sector, which includes all tourism-related activities: restaurants, bars, hotels, entertainment, short-term rentals, and more.
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