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How the Greece Financial Crisis Might Affect Your Trip

7/2/2015

8 Comments

 
Picture
Picture
By John Roberts 

I'm going to Santorini, Greece, in a month. I'm naturally concerned, of course, about what I should be prepared for in light of the ongoing financial turmoil in Greece.  

So, I reached out to a friend on the ground there to ask a few questions to get answers for what travelers should expect. Sandra Schmitt is owner of Mar-A-Mar Travel, which is in its first season operating sailing trips on a yacht in the Greek Cyclades islands, running routes from Santorini and visiting ports such as Mykonos, Naxos, Ios, Milos, Domousa and many more. I will be joining Mar-A-Mar on a sailing in the first week of September to tell you all about sailing trips through Greece, but I thought it important to get some details ASAP to help travelers know what to expect when going to the country. 

Greece has defaulted on an enormous debt payment ($1.8 billion) owed to the International Monetary Fund. Upheaval in the economy and questions about whether the nation will be leaving the European Union and euro currency understandably raise questions about what will happen to tourism. Greek residents are limited to 60 euro withdrawals at ATMs, and banks are closed this week ahead of a referendum July 5 for citizens to say "yes" or "no" to terms of a bailout set forth by a trio of Greece's creditors: the European Central Bank, the International Monetary Fund and the European Commission. Holders of foreign bank accounts face no withdrawal limits. 

I asked Schmitt about what she is seeing as she conducts her sailing business and hosts travelers on her boat. 
PictureSandra Schmitt, Mar-A-Mar Travel
Here is her email response from Greece: 

This week I tried about five ATMs and was able to get 1600 euros from two accounts at one machine, so my worries have subsided. I would recommend that travelers bring euros to Greece when they come so that they don't have to try the machines. 

Needless to say, it seems tourists are not deterred from planning a vacation in Greece because we are getting about three to four inquiries per day.  

Other tour operators have not mentioned any concerns, so I don't have any update for you on that front.


Note that it is early in the process, and things are likely to be changing as the weeks pass. The referendum July 5 could help clarify which direction Greece is headed, but the banking system could remain frozen for a while, and people might begin to find more ATMs out of currency. 

You see that Schmitt had to try five ATMs to get her money, and that was in the very early hours after the banks closed their doors after the missed payment by Greece triggered this crisis.  

Widespread reports also note that many places of business are not accepting credit cards. 

So, if you are traveling to Greece, keep a watch on any advisories sent out for tourists, and plans to get your euros at your home bank before heading to Greece. Also, consider how you will keep your money safe and secure as you travel (maybe a travel safe; I've posted a type of safe you might consider below). I fear that travelers could become targets for crime as unscrupulous or desperate people realize that tourists probably are carrying more cash than usual. 

If you have any information about the situation in Greece and advice for fellow travelers, please share it here. 

Thanks for reading, 
JR


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8 Comments
Maaike - Travellous World link
7/2/2015 08:17:48 am

Thanks for sharing! I think these insights are very useful to people planning to travel to Greece

Reply
JR
7/3/2015 03:36:23 am

That is the goal, Maaike. To help inform and make things less stressful for tourists, if possible. Cheers!

Reply
Mary {The World Is A Book} link
7/12/2015 11:26:57 am

This is great to know and I'll be forwarding to a friend heading to Greece soon. It's always wonderful to hear insights from the locals. Hoping things turn for the better soon.

Reply
JR
7/13/2015 02:27:28 am

I see things might be getting more stabilized now, with a deal reached with creditors, Mary. This could be even better for tourists. I'm glad you found this helpful. I know it's been a hot topic, and I have been following closely because I will be going over too later this summer. Thanks for commenting.
Cheers!
JR

Reply
Katie @worldwidevegetarian.com link
7/14/2015 12:49:42 am

Hey,
I am glad you wrote a post about this topic. I was just in Greece, during the referendum, and there really is no reason travelers should cancel their trips right now. Actually, the Greek people need tourists as it is their main industry! But yes, having cash will save the painful wait in the ATM line, so do bring cash, and help Greece by spending it there traveling in such a beautiful country with beautiful people!
Katie

Reply
JR
7/14/2015 12:52:35 am

Thanks so much for the update and sharing it here Katie. I'm very much looking forward to my trip, and I know it is important for Greece to retain tourism at high levels to help the people and economy. -- JR

Reply
Adrenaline Romance link
7/19/2015 03:20:44 pm

Thank you for these insights! Whatever crisis the place is facing, Greece is still a beautiful country!

Reply
JR
7/22/2015 09:53:16 am

It sure is. It's very frustrating to see politics and others types of strife put beautiful destinations and the wonderful cultures at risk of being fully enjoyed by the global community.
Thanks for reading.
-- JR

Reply



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