Tourism buckles under economic pressure in Greece

Published on : Tuesday, June 30, 2015

Demo-14With banks closing and only allowing limited money withdrawals (all time local) the Greece hotel association has issued a statement warning that this move will definitely have a negative impact on the nations tourism industry.


Hotel owners have expressed that that the recent developments will have a detrimental effect on tourism and added that political forces must assume responsibilities by quickly restoring the country to normality and stability. This they feel is absolutely important to protect Greek Tourism.


The hotel association also expressed that it is important to safeguard the country’s image internationally.


The Greek government is making public transport in Athens free while banks are closed. Transport Minister Christos Spirtzis scrapped fares in greater Athens for the capital’s metro, tram, bus and trolley-bus services with effect from Monday.


Fares normally cost 1.20 Euros ($1.34) for a 70 minute ride on a city transport service. The decision would cost the government about 4 million Euros per week.


There were protest and demonstrations Trafalgar Square, London showing solidarity for Greece, pleading for the country’s dept to be forgiven.


The Athens Stock Exchange has been closed all of last week but the country’s government borrowing rates in bond markets are taking a pounding as uncertainties over Greece’s future hit markets worldwide.


U.K. Treasury Chief George Osborne has advised British tourists who go to Greece should take more Euros than usual. He also said several thousand Britons who live in Greece but receive British pensions would continue to get their payments. And customers of Britain’s Alpha Bank, whose parent bank is Greek, will have their deposits covered by Britain’s financial compensation scheme.



Greece cultural minister has said that individuals and tour groups visiting Acropolis can pay their tickets by credit cards from now. With the prevailing cash difficulties in Greece tour groups can pay vouchers or group agents can give credit notes to ticket officials with ticket ID numbers so that the cost can be settled once the banks re-open.


The Greek Prime Minister Alexis Tsipras has told European Commission President Jean-Claude Juncker and European Parliament President Martin Schulz, that preventing the Greek people’s democratic expression by shutting down the banks is not within Europe’s democratic tradition. He asked for Juncker to help ensure the Greek bailout to be extended by a few days and liquidity restored to the banks. Tsipras asked Schulz to support the Greek proposal for a bailout extension of a few days.

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