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Economic recession and crisis have been significant constraining parameters for sustainable development of cities and regions in eastern and southern parts of Europe during the last two decades. In the case of Greek cities in particular, the ongoing economic crisis has resulted in urban shrinkage: In inner city areas and yet the city centre, there is a large number of vacant commercial shops and offices in former lively commercial streets. As a consequence of the shrinking economic activities, out-migration flaws have appeared. Population decreases in the city centres or live under stressful processes of the new changes.