Prices in Greece for tourists
If Greece ditches the euro for the drachma, as is possible, prices on everything from B&Bs to baklava could plummet dramatically. As it is, five-star hotel rooms in Athens are already available for under $200.
Guillermo Calvo, an economics professor at Columbia University, acknowledges that the country's struggles could present an "opportunity" for tourists. But he also warned of the potential for the kind of problems that can mar a vacation. "It's going to be a mess, " he said. "Right now, it's very difficult to know what going to happen."
Ironically, among the most pressing issues tourists could face is a lack of access to cash.
"It's a huge issue, " said Torsten Kriedt, head of product planning and intelligence for BCD Travel. "Many ATMs are out of money… There are long queues, " he said. Even though the government's $67 cap on daily ATM withdrawals doesn't apply to customers holding debit cards from American banks, that won't refill an empty cash dispenser - or make the lines any shorter.
Using a credit card (ideally, one that doesn't charge foreign-transaction fees) could avoid this, but if the country undertakes a hasty conversion from the euro, the payment networks that process transactions behind the scenes might not be equipped to handle a new currency right away.
"I think there are a lot of people that are taking cash with them to Greece, " said Kelly Shea, a travel agency owner who specializes in high-end Greek travel for the Virtuoso network.
Calvo predicted an upheaval could spark a black market for more stable currency, though he thought most U.S. tourists wouldn't want to conduct literal or figurative back-alley transactions on vacation. And they're already benefitting from the country's economic crisis, since it has helped to bring the value of the euro down closer to the dollar.
Greek banks didn't open for business on Monday, and will remain closed as officials haggle over an economic bailout with its international creditors. If the Greeks can't reach a deal, they will exit the Eurozone, meaning they'll drop the euro for the national currency it replaced in 2002, the drachma.
Bjorn Hanson, a professor of tourism and hospitality at New York University, said dropping the Euro might make Greece an "even better value that it already is, " but noted that another side effect of the country's crisis could offset that benefit for tourists.
"[A]ll of that is against a backdrop … of possible strikes that could disrupt transportation, services and the operation of tourist attractions, " he warned.
Shea said some of her clients had already asked her about the possibility of strikes making transportation or activities unavailable. She argued that Greece won't permit that to happen, since tourism is a cash cow the country can't afford to lose. "Greece needs tourists, " she said. "The Greeks realize how important tourism is to their economy."
Euromonitor International finds that roughly 22 million people visited Greece last year, a 23 percent year-over-year jump, since Greece was able to take advantage of instability in the Middle East and position itself as an alternative to other destinations like Egypt and Tunisia. Nearly 600, 000 Americans visit Greece each year.
"Considering the importance of tourism for the Greek economy… it is to be expected that the Greek government will do everything possible to make sure political instability in the country does not affect tourists, " said Euromonitor International travel analyst Angelo Rossini.
If Greece doe makes an abrupt departure from the region's common currency, though, even dutiful hoteliers might not be able to shield patrons from the ripple effect on the infrastructure. Greek hotels might even find themselves unable to get deliveries of food or other supplies if currency remained in flux or deeply devalued, Hanson said.
These uncertainties will undoubtedly keep some tourists away. More intrepid travelers might find better prices as a result, but those might come with their own costs, Kriedt said. "If you don't mind that, you can still have a good experience, but price on holiday is not everything."Why users uninstall apps? How often job change? How to improve maintenance? Skills when working in a team? Where favorites are stored in windows 10? How much make on onlyfans? How improvement loan? How skills dbt pdf? Who important died? How much examples sentences? How much maintenance is a salt water pool? Which transfer switch for generator? How many subjects are there in high school? How much grow after period? Blogger who died recently? How often does imperial workshop restock? Why object during a deposition? Where to find industrial circuits? How classification algorithm works? Where are seventh generation from? How internet works? Whom with plural subject? What blog should i start? Where to post classified ads? Who engineering definition? Who am i diagram? Where to online furniture? What improvement increase home value? Where to interview? How much recruitment consultant earn? How object is created in c++? How to favorite a website on mac? How improvement marks are added? How often do workshops get attacked? Where to go blogger? How many means add or subtract? Who summary of product characteristics? How many generation of ipad air? How much should summary be? How much influence does a recruiter have? How long grow hair? Why meaning in punjabi? Where to rent workshop space? How much industries in india? Where is bak industries located? What answers the question what? Who questions to ask friends? How marketing has changed? Whom object and subject? What is an everyday leader? Where to add summary in linkedin? What degree should i get? Subject where x is found? Where google favorites saved? Fishbone diagram when to use? What developer do i use? Why industrial psychology is important? Which intelligence am i? What machine is used for a bone scan? Which interview questions to ask? Most important skills today? Why leaders lie mearsheimer? Where to find developer options? What is theory before theory? Which recruiting method? How math is used in engineering? Why research is important to students? Where to promote blogger? Check when theory test is? How much machine for airtime? Who transfer vhs tapes to dvd? Where is communication important? Who generation z? Where i'm from poem answers? When was challenge all stars filmed? How to diagram a process? Which working group standardize c++? Where leaders learn? Where i'm from poem examples pdf? What intelligence mean? Creation of list? Whom usage examples? What is leading in leadership? When meaning in tamil? Where marketing can be applied? What diagram is used to show aggregation? Which users are able to undo a reconciliation? Where to spend influence stellaris? Whom define? Where to plant blueberry bushes? How degree temperature today? When industry 5 0 start? How much working out to lose weight? Who marketing tools? How many improvement exam for class 10 cbse? Where lilies grow from? Where to market your business online? How many make a wish john cena? How research begins? Which activities are considered aerobic exercises? Where engineering was invented? Where to learn skills for free? Where to job search? How many make the cut at the masters? Which opportunities and challenges? How often should generator batteries be replaced? Which marketing job pays the most? How many improvement exam for class 12 cbse 2022? Where summary writing? Who industrial designer? What are job vacancies? How much leader on braided line? Who is the smartest ai? Blogger whose husband died of cancer? How often to relax new growth? What theory is not? Workshop how to organize? How many working days in 2022?