Greek crisis

[Q7]

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?

[1715142412]

1715142412

[qiwoman2]

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.

 

[Falconer]

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?

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

[n2004al]

The daily withdrawal limit doesn't apply to tourists, but some ATM there is empty

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.

[Slark]

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 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.

[Falconer]

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.

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.

[bryant.coleman]

Greece needs a complete overhaul of:

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

1. It's judicial system..
2. It's political system..

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

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

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.

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

Not practical.

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..

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.

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.

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

[Alley]

Banks open Monday but withdrawal limits still in place.

[Falconer]

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

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.

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.

[CPNpr]

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

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.

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.

[bryant.coleman]

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.

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.

[Amph]

Banks open Monday but withdrawal limits still in place.

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