Amidst thundering coverage of the alleged Greek Eurozone exit, holidaymakers are advised to show an extra ounce of caution if they plan to visit Greece instead of changing their plans altogether.
In short, the extra ounce of caution, particularly during this week and the next refers to carrying more cash rather than relying on on-the-spot withdrawals from Greek ATMs.
Politically and economically alike, Greece finds itself in a delicate situation. The looming financial collapse prompted the stock exchange to close and banks have been shut for at least one week.
The European Central Bank refused allowing further credit to Greece, following a similar rejection from the eurozone with view to the extension of bailout plans. The European Central Bank’s refusal prompted the banks to close in order to protect liquidity.
Throughout this week this translates in maximum daily withdrawals of 66 euros for the Greek citizens. Reports of ATMs being almost tapped out have ensued, but have not been thoroughly verified.
Sunday, July 5th will witness a nationwide referendum in which the Greek citizens will either back or refuse the new creditor proposals, indicative of further austerity and cuts. Already, Greece has a deadline for paying 1.8 billion euros to the IMF.
Thus, under the given circumstances, economically, as well as politically the future of Greece is uncertain. Syriza and the administration of Alexis Tsipras, Prime Minister of Greece has greatly capitalized on ultra leftist views and anti-austerity rhetoric.
For analysts, this is an indication that Greek citizens will overwhelmingly opt Greece out of Eurozone, mirroring the same sentiment that brought Syriza to power.
Against this background, holidaymakers that plan to take to the sunny islands and enjoy a Mediterranean vacation should not fret.
The turmoil that Greece is currently experiencing should not impact tourists in any matter except perhaps that at least in the very near future ATMs, credit card processing services might not be available.
However, that is easily solvable by carrying more cash to cover unforeseen emergencies. Keep in mind that the ATM withdrawal restriction currently imposed on Greek citizens does not apply to credit cards issued in other countries.
Particularly holidaymakers who have already paid for typical all-inclusive passages have the least reason to worry, as the majority of expenses are already covered. All you have left to do is enjoy.
Even if the Greek Eurozone exit is poised to happen, analysts expect that the effects on the tourism industry will be minimal. The most obvious next step is a return to the drachma.
For holidaymakers this means little as undoubtedly, during a transition period, all businesses will still accept payments in euros.
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