Tourism cannot be the pillar of long-term economic growth for Greece. The sector cannot keep pace to grow the country’s GDP.
IMF
Argo News Brief: COVID, IMF, and This Week’s Tourist Trends
This week travel experts discuss the need for Greece to adapt in the wake of COVID-19, and more news on the economy and summer vacations.
2020: The Greece Tourism Season That Never Took Off
Greek Minister of Tourism Haris Theocharis thinks the country will welcome visitors by July. The world economy does not support his theory.
Greece’s Yaroufakis Warns of Catastrophe Without Decisive EU Moves
Yanis Varoufakis, Greece’s former finance minister says his country will be the hardest hit by the economic turmoil.
Will the Coronavirus Pandemic End the EU Experiment?
The European Union urgently needs financial injections to deal with this crisis, but there’s an even greater need for solidarity.
COVID-19: EU Approves €2bn Greek Business Support Measures
The European Commission has approved a €2 billion-euro aid package to help Greece weather the economic effects of the coronavirus (COVID-19).
Is Fraport Greece Mucking Up the Off-season for Crete?
In news from Chania, regional authorities met last week with Fraport Greece CEO Alexander Zinell to discuss ways to attract companies to the region. At the to discuss expanding the horizons for Chania’s “Daskaloyiannis” airport, concerns were expressed about Ryanair’s decision to scrap its base in Chania. Underneath the positive news though, stakeholders in Crete worry the German company may be mucking up any shot at off-season tourism wins.
Airlines Forced to Reschedule Greece Flights Over Strikes
The most recent strike of public transport employees, as well as sailors and doctors, has caused airlines like Russia’s Aeroflot to reschedule or even cancel flights. And another strike of subway workers, bus drivers, tram and trolleybuses, is expected today.
Weight of Ukraine Unrest, Sanctions, Threaten EU Economies
The Ukraine unrest unfolding, US and NATO versus Russia challenges and sanctions, threaten to unravel any hope of continued EU economic recovery. This, according to an ITAR-TASS report, must be weighed against European Commission contentions. Whatever the case for western EU nations, tourism and other sectors in eastern Europe will certainly be stifled.
Singapore Airlines and Spain Tourism Board Buddy Up
In world airline news, leading edge air carrier Asia’s Singapore Airlines has just signed memorandum of understanding (MOU) with Spain’s Tourism Board. The agreement further extends what has already become an apparent initiative by the airline to not only broaden B2B connections, but to engage overall the world travel market.
Georgia’s President Saakashvili Garners Economic Support
The Republic of Georgia is a hot spot for International direct investment in Eastern Europe. Despite an economic contraction after the spat with Russia in 2008, the country is on course for substantial growth this year. President Mikheil Saakashvili is approaching investors in the Middle East this week about accelerating the country’s recovery.