ATHENS - Greeks are prepared to celebrate Christmas with tightened belts amidst a severe debt crisis and waves of protests over government austerity measures that seem to have dinted the spirit of consumerism, local businessmen say.

For the first time in recent years, Athens has not decorated a grand Christmas tree at Syntagma Square in front of the parliament and Ermou Street, the traditional hotspot for shopping in the city center.

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Municipal authorities instead decorated the tallest natural tree on the square with just a few lights - a gloomy image that did not receive high marks from passers-by who did not see the message of "optimism, solidarity and environmental friendly action" it was meant to send.

The tree of austerity reflects the bad mood of Greek citizens who face an unprecedented challenge this year. The economic crisis that broke out in late 2009 threatened the national economy with bankruptcy this spring and has hit hard on the average household and business.

The tree, which was lit on Syntagma Square last year, was set on fire by protesters. Anger has been fuelled by a string of harsh cuts in salaries and pensions, and tax hikes and ongoing drastic structural reforms that have affected the daily lives of all Greeks.

Mothers and grandfathers, who take children for a walk to the Christmas playground at the National Park next to the parliament building, teach them how to enjoy themselves on less money.

Housewives who have started preparations for the family reunion around a table with traditional dishes on Christmas Eve have reduced budgets and cannot reach the traditional shopping areas in the centre of Athens easily because of strikes and protests over the austerity plans.

The local retail market has lost at least 50 million euros ($65.6 million) over the past ten days due to the ongoing mobilization of protesters.

According to estimates, the losses have reached up to 6 million euros ($7.8 million) per day in a sector that has already been hit hard by the crisis.

Representatives of businessmen estimated that over the past ten months the retail market's revenues have been reduced by 20 percent compared to last year.

Making a plea to protesters to make a "truce" during the holiday season, they noted that traditionally shop owners wait this period to achieve the 20 percent of their annual income. On a yearly basis the local retail sector reports revenues up to 65 billion euros ($85.2 billion).

Talking about the worst image of the past three decades, representatives of Commerce Chambers in Athens and the port of Piraeus warned that thousands of businesses face the prospect of closure in early 2011 if they do not make enough revenue during the holidays.