1. Greece tourism takes a hit amidst fears of possible ‘Grexit’

Greece tourism takes a hit amidst fears of possible ‘Grexit’

Greece's tourism industry has taken a hit as uncertainly looms large over the country's future in the eurozone.

By: | Published: June 30, 2015 9:10 PM

Greece’s tourism industry has taken a hit as uncertainly looms large over the country’s future in the eurozone.

Chris Wright, the manager director of British travel agency Sunvil Group, said that there was no doubt that bookings had slowed down the last few days. He added that bookings were being made but not at the rate as one would expect at this time of the year, reported the CNN.

Euromonitor International has predicted a modest international arrival growth of three percent in 2015 as opposed to a record 23 percent boost last year.

Angelo Rossini, a travel analyst at Euromonitor said liquidity was a major threat that was deterring tourists in Greece.

Britain’s First Secretary of State George Osborne has urged tourists heading towards Greece to take enough cash to cover the duration of their stay, emergencies, unforeseen circumstances, and unexpected delays. He also warned the 150,000 Britons landing in the crisis-stricken country to beware of thieves, adding that it was the only way to avoid being stranded.

Strict limits have been imposed on daily ATM withdrawals, with people allowed to take out 60 euros.

So far, restrictions on withdrawals do not apply to transactions or withdrawals made via ATMs using foreign-issued debit or credit cards but the situation is too volatile to predict anything, Osborne said.

With its chain of pristine islands and rich historic appeal, Greece attracts large numbers of travellers from across the globe. According to World Travel and Tourism Council, tourism contributed about 16 percent to the country’s GDP in 2013 and was expected to rise to more than 19 percent by 2024.

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