Bitcoin Forum

DO you think Greek crisis is good tourism? Will the Greek crisis make travel there cheaper ? Will the economic turmoil in Greece frighten or attract tourists?

I think it would frighten tourists if anything due to the fact that the economy ain't too great. I mean currently there seems to be social unrest among the Greek youth and that isn't really great for tourists either.

As for the issue on the price of travel, I believe the cost of travel will go down due to the reduced amount of tourists

If there isn't too much social unrest then no it won't frighten off the Tourists..The only thing it is affecting is the local tourism from the locals..Many Greeks this year can't afford to go to thew Islands and are staying home at local beaches instead, making day trips to the beach as opposed to taking a proper hotel break.

People in Greece have been making a lot of financial sacrifices and clearly unhappy with the circumstances. The whole world knows that Greece made a default and also about how their banks are shut off, how people are really messed up there. It will affect the tourism for quite a while, so they can lower the tourism prices to attract tourists but I don't think it would even matter. Nobody will care about Greece for a couple years now..

there are some news regarding how cheap are the houses there or small mansion with pool, it could attract some other european people, who want to spend few money and have a great place to enjoy their summer

so it is definitely good for tourism, and for saving money, at least for this year and especially for summer, i'm not sure about winter...

Maybe is not a good moment to travel to Greek yet until financial services are stable.

banks are still close in till Thursday now it makes me think how long would the bail out money will last for the Greece government, the bail out is not for the people is for the poor economy the government has put is people in, i bet a lot of people are going to withdraw their money from the bank and get the hell out of Greece.

I can tell you that I will leave to Greece for holiday and I am rather scared.

I don't know if the food will be fresh or will exist at all.
I don't know if the VAT will rise until I'll get there.
I am scared that there may come strikes and there will be no place where to buy gas (already had that experience once, about 5 years ago).
And let's not talk about the state of their medical system, I really hope to not get there...

So the damage is done, the tourists are more frightened.

Go and make your own picture. What you see is just the media, bad news travels fast. Go for culture, Greece is amazing.

As i said, I will go. A lot of people cancelled their holidays, but I didn't.
I has in Greece 3 times already, so I am more confident than others. But, as I stated, I still have ... some fears on this subject.

Check the actual data. The prices are actually going to get more expensive for tourists, so less incentive to visit the place. Not only it's a place prone to conflict now because of austerity, but they'll make it more expensive for tourists too.

So more to the Greece crisis is not the Greece health crisis coming to play with a government debt of 1.2 billon euro http://money.cnn.com/2015/07/10/news/economy/greece-health-care-crisis/?sr=cnnifb
Poor Greece.

Greece is one of the most beautiful places to visit along with the amazing food.  In this situation, don't count on ATM's or banks being liquid thus carry extra cash.  Also allow for extra travel time as there may be public worker strikes.

Don't let a few bad apples (politicians) influence your thoughts of Greece as a whole.

Yes since people need cash to pay their employees tourists provide a cash flow outside of the Closed banking system
As a result they can get better deals than if they tried to use a visa/mastercard its also why merchants tend to not be taking cards at present.
For travel well the plane is the same cost but the cost of souvenirs is likely cheap.
Airbnb for Greece has some pretty good deals as well
https://www.airbnb.ca/s/Greece?locale=en

THIS!!!
I was not planning any trip this year but the Greek's troubles and especially the way this is handled by the "Institutions" made me decide to go to Greece in the next weeks.

As a tourist that wants to make a statement, show moral support to the Greek nation and people, airbnb (and low cost airlines) brings me as close to the people as I can get. I'll bet that the total cost of my 2 week stay is going to end up below 1000€ 

I'm not afraid of what I might encounter there, for example to get cash or supply's.
Strikes however may mess up my travel timeline (and budget) especially @ the airport, due to political and economical situation in their country I am aware of the likeliness of strikes. Keywords: empathy, sense & understanding, patience. No prob.

However I'm afraid the general tourist has a different mindset (or motivation if you want) and will consider Greece as less comfortable and maybe risky. No doubt this is going to affect the Greek tourism industry.   

 

Why not!

Yes, the VAT is increasing 10%!

So far there is no large strikes!

I've read that the stocks of flour are not great, I've read that some hotels said - about one week ago - that their food supplies are for one more week only.
A rather big part of the food use to come - from any country - from other countries. This is what supermarket chains do. And since the money control, this may be somehow disrupted.

However, I am also sure there will be no problems with the Feta and the fish supply, so the situation is not that bad :)


Allright. Starting when?


They don't announce them so much ahead, so .. yeah, there's some risk. But I plan to refill in Macedonia and whenever I can, to be on the safe side.

There's no way I would visit greece as a random tourist, but as an investor there may be a lot of opportunities to pick up fruits that are in the floor (as warren buffet would say). There must be something really good to invest in right now that's cheap as hell in greece, but it's hard to spot it.

I am in talks with many Greek friends and they say with the increase of unemployment, the crime in bigger cities has increased. You have to be more vigilant for pick pockets on the streets and theft has definately

increased. {Small items like phones and cameras and wallets}

They say the rural areas are a bit better... but the average tourists, keep to the more popular cities and that makes them a target.

The prices are still reasonable and food is not a problem... So it's still a option for the tourist that is used to the petty crimes around the bigger cities in Europe. The general moral is a bit low and the people are a

bit cranky.. but that is normal for this type of situation.  :(   

not that hard, the answer is house like i said above, there are very good deal there for big house with pool with a discount up to 70%, basically they gifting it

you can buy one of those and rent it for a very good price for some tourist

People tend not to go to places once they're hot by these things so it's going to have a very bad impact on tourism. Many tourist resorts will likely shut as well. Maybe if they started accepting bitcoin though they'd get some bitcoin tourists  :D.

These are valid points. I am from Romania so I grew up with the "knowledge" to always watch my pockets :) but, yeah, since everybody tell the tourists to go with cash (I don't understand why, because most places seem to go well with credit cards, I know from somebody who came back yesterday from Greece) it's just a call for pickpockets from all over the world.


More important is that the taverns should (also) accept bitcoin!

Yes, travveling there will be cheaper, but what is more important for us is that a bitcoins is going up thanks that crisis. But about that accepting bitcoins there, I am not sure about it, not many Greeks interested in bitcoin, there is only one automat for them. So probably you will not get many chances to pay with it.

It appears that the debt crisis of Greece begins to affect tourism in Greece , a country where tourism represents 18 % of the economy .The Confederation of Greek Tourism ( SETE ) has noticed a 30% drop in reserves last minute , which normally represent a fifth of the total . However , it is considered that the impact on the industry may be limited because the crisis has come when plans to travel were already booked. By the way, somebody knows if are open normally Banks already?.

Ya they must be making tourism more cheaper to attract more people

Cheaper, maybe but also more dangerous. Physical assault shall not be a concern, but you may experience delays or troubles because of strikes or demonstrations. If you go on vacation only once a year and just want to relax, better travel elsewhere.

Greece doesn't have choice they have start building back up

I am confident with the right back up plan they will recover soon. And still all others making their fortune with the crisis, one man's pain is another man's pleasure.

They might be keeping plan B close to the chest by taking the EU bailout and then exiting the Eurozone in a year.   :o

The tourism business alone is not anywhere near to save their economy. They need reform (and they've been working on it). Tourism shouldn't be hugely affected. If anything, I imagine it would decrease.

tourism is cheaper there as a consequence of their crisis, but because of the crisis i doubt any major tourism will happene there, their nation is totally ruined until they can repay their bid dept and retrieve what they have lost

in the first place, they should think about sustaining their citizens more instead of talking about tourism

Yes. People aren't going to travel to Greece just because it has become a little bit cheaper.
The negative press about protests could actually scare people off.

Banks closed until sunday.  Will there be a bank run when they open?

Yes, tourism sales have the potential to bring in some good money for Greece, it always has but after so many negative things happeing in the country and the bank shut down issue... The tourists are scared, and I think all these activities have put the country in bad light. I don't think tourism will bring in any money which might make a difference for atleast 3-5 years.

It depends one benefit that would occur if the Greeks did go back to the Drachma is that the exchange rate would be quite low and make visiting relatively more attractive.
It would also result in some price variations that said in the common currency the main advantageisthat tourists bring in cash for them when they can't really withdraw money from the banks.
Equivalent to a shared exchange rate risk.

That said the banks still closed for another few days
http://www.theguardian.com/business/live/2015/jul/16/greek-debt-crisis-ecb-and-eurogroup-consider-next-steps-after-yes-vote-live
Greece’s banks will stay closed until the close of play on Sunday, the finance ministry just announced.

That tees up the possibility of reopening on Monday, with limited services, if a bridge loan for Greece is signed and sealed on Friday (as seems likely).

Economically the argument could be made Greece would do a lot better to take the bailout money, join the Brics and or go it alone than stay in the Union based on average performance but that is just an option at this point.
http://www.vox.com/2015/7/16/8978275/euro-chart-disaster-eurozone

I think Greece is still be attracted to the tourists who rich enough. The problem is, although the natives get much money from their business in tourist services, they still have to pay the high tax to the government, and then that money will be disappeared by corruptors. No chance for Greece to get out from crisis now.

why it should? the 60 euro limit should be removed now that they have recieved their new fund from european central bank, so they were free to withdrawal their money

also the run would have already happened by now 1 week already passed from the last news about the fact that there is no grexit

Yes, of course tourism would be greatly decreased. Assaulting is highly probable, but I must say that it is a beautiful country. When it restores back, I'm sure tourism will resume back to normal again, and maybe more people there would start using bitcoins, for all you know, to act as a backup.

Would you immediately withdraw all the money from the bank once it resumes? Just a question to ask and ponder about. The citizens there would be greatly affected too, mentally. Trusts might be gone, which is more difficult to built back again. Hope it comes back up again. Really difficult to govern a country without corruption. :P

The limit of €60 a day is only applicable to  Greek citizens. If you are foreign tourist in Greece you have still full access to your money via Greeks ATMs.
So this restriction is no problem for tourists at all.

If Greek will be able to offer good services regardless of crisis, if the situation of the Greek banks will return normal and if the economy of Greece will improved (or at least will not go worse than it is) the tourism in Greece will go better and better.

For the simple reason that the structures and the sea are the same and the prices of the services (normally and probably) will go down (because of crisis).

When the euro weakens, it does not only make Greece become an attractive travel destination with the increased purchasing and spending power but involves almost all of the euro countries that uses the same currency will benefit from it. As long as there is no civil unrest or chaos, that certainly will help to boost their earning. Question is, will that be enough to cover the shortfall?

Greece needs a complete overhaul of:

1. It's judicial system..

2. It's political system..

3. Growth in the agrarian sector, light manufacturing and tech areas.

4. Half the population at LEAST to be repatriated into smaller village/town communities to set up shop..maybe with small grants of land etc

5. All the corruption of the last 40 years to be cleaned and eaned out..

6. The big tax evaders of the last 40 years, get them to pay up..

7. Get the army and the unemployed to do infrastructure jobs and give them free housing, food etc like a kibbutz and rebuild the country with new infrastructure, small interconnecting villages and towns as opposed to half the population living in Athens lol.

 ;D

Some tourists from England can't change their pounds to euros in Eurobank. Well I think it will be a problem to tourists in Greece who don't have euro in their wallets then. The daily withdrawal limit doesn't apply to tourists, but some ATM there is empty
http://www.theguardian.com/world/2015/jul/12/tourists-in-greece-report-problems-changing-cash

For sure the daily withdrawal limit doesn't apply for the tourists. But if the banks don't have money the limits apply itselves to everyone in need for money. If there are not money there are not for everyone.

But this situation will change soon. The European Central Bank has increased the limit day of money to give to Greece. The situation (hoped) to be normal in the days to come.

I learned today that if Greeks will start their plan of reforming economy part of their rescue plan would be raising taxes and primarily VAT will go up.
This plan is drastic and since October 2015 Coffee Shops and Restaurants in Greece will pay 23% VAT (currently they are paying only 13%).
Next - tax raise will hit Hotels: from 6,5% VAT now to 13%. And lastly government is planing to remove some tax exemptions for tourists as well.

You have answered about limits problem, but if the tourists withdrawing money from Greece ATM, Greece Bank can cut it from that tourists bank account in their origin country. It will be easier if they are from Europe, then European Central Bank can reimburse it.

It is not as simple as it sounds. There are practical difficulties.


The political system has already changed, with the victory of SYRIZA in the general elections.


Agrarian sector is in deep shit, as a result of the Russian sanctions. Manufacturing and tech are also in very bad state, and these sectors will completely collapse if the taxes are increased any further.


Not practical.


Most of the tax evaders have escaped to countries such as the United Kingdom and Switzerland, taking their wealth with them. It will be impossible to repatriate all that wealth.


Interesting concept, but I don't know how practical this will be.

Banks open Monday but withdrawal limits still in place.

Agrarian sector still be potential in Greece although Russia banned EU food imports. Greece olive oil and wine production are two top of that sector, which olive oil has exported to US and wine to many european countries. http://www.cnbc.com/2015/07/02/greek-crisis-hits-olive-oil-wine-exports.html
Same situation with light manufacturing in Greece http://www.wsj.com/articles/can-greek-businesses-even-survive-1423615283

The only problem for those sectors in Greece is the foreign customers have started refusing to make down payments on orders out of fear they won’t get their deliveries.

They are top in some sectors and they will get deliveries. Cheap and good time to invest, they will get back to normal.

Although Greece exports a lot of agricultural produce (especially olive oil and cheese), the export volumes have been hit hard by the Russia ban. Russia was a premium market for the Greek agricultural products and other commodities such as medicines, furs and machinery. The alternate markets are not that profitable. Also, Greece imports a lot of fertilizers (esp. from Russia) and pesticides. The recent crisis has resulted in a scarcity for these items.

it may take a while before everything will be established again in greece, initial funds from european bank will not be used to give money to their citizens for sure

they are selecting new ministers and deputy minister for now