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The Greek Distribution Agency for Foreign Press in Greece has announced the termination of its activities.

In its request for bankruptcy the Agency states that its obligations to the National Insurance Institute (IKA) are to the amount of 748,509 euro, to various suppliers and creditors 3.5 million euro and to AVIS company, the cars of which it had hired, 3,538 euro.

Simultaneously, the Agency has asked its partners, owners of places for the sale of foreign press, to proceed to liquidation.

Rumour has it that a Cypriot businessman has expressed interest in the distribution of foreign press in Greece.

Around 4,000 foreign magazines and 20 foreign newspapers are distributed in Greece. However, many professionals consider the summer season as "lost", claiming that many of the magazines will not release new editions before September.