Think of him as the anti-Claus or the Counter-Nicholas.
In many parts of central Europe, Saint Nicholas may bring presents to the good boys and girls but Krampus is the one who deals with the naughty children. Some versions have him coming around at the same time as Nicholas. Others have him coming around a few weeks beforehand.
As you can see from this video, the tradition continues and attracts quite a large crowd as various interpretations of Krampus roam the streets.
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