Greece, A Potential Travel Bargain
As the issues surrounding the Greek economy and overall financial situation continue to linger, some wonder as to whether the turmoil will discourage foreigners from travel to Greece. However, this country may prove to be a big bargain for business and recreational travelers as the Greek economy is battered in global markets.
Many resorts seem largely insulated and, last year, Greek ministers pressed to keep tourism flowing by not limiting tourist cash withdrawals from ATM’s. However, as a sign of the times, some of Greece’s famous museums and monuments are increasing their prices to offset the nationwide financial crisis. Despite this, competitive prices across many tourist related service industries such as car rentals and hotels, may yet prove that travelers should take a look at visiting Greece.
Executive Travel Security Considerations
It may be a good time to visit Greece, but travel security and a preemptive exit strategy should be of concern to any foreign traveler. Since 2007, the Greek economy has contracted nearly 25 percent, leading to much unemployment as well as major losses to personal wealth and pensioners’ security. This climate, while favorable to those travelers seeking to take advantage of the exchange rate, is also one conducive to civil unrest that can turn violent quite quickly and without much forewarning.
For instance, in February 2015, many anti-establishment protesters clashed with police in Athens, leading to smashed windows, scorched cars, and street fires from petrol bombs. The US State Department advises travelers to have many types of payment with them for additional Greek travel security, such as foreign credit and debit cards as well as emergency cash. If major banks collapse, panic could lead to long lines at ATMs as well as empty cash machines altogether.
Hotel / Resorts and the Greek Economy
Whether heading to Greece for business or recreational travel, the global financial calamity is still an issue and runs the risk of affecting the Greek island economies as well; areas previously unaffected, with visits up 30% from 2011. Despite limitations in ATM withdrawals and cash accessibility, the crisis could additionally affect supply chains to these large tourist destinations, such as the islands of Santorini and Mykonos. Both business and leisure travelers should be preemptive in currency supply and have several different methods of egress should the Greek economy face more difficulties in the coming months.
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