As Greece’s tumultuous negotiations continue, international media is casting the spotlight on tourism, the one industry they say is pulling the country up economically.
According to a recent story in Fortune, the tourism sector has not only “prevented the total collapse of the nation’s economy… but also offers the best hope for its recovery”.
Fortune cites Greek Tourism Confederation (SETE) statistics and an Alpha Bank report released last week that point to a promising momentum, which it says is primarily a result of the friendlier exchange rate.
In short, Fortune says Greece “is a good deal for vacationers”, primarily those from the US and UK, who benefit most from the dropping euro against the pound and US dollar.
Fortune goes on to add that if the country proceeded with a “Grexit”, the devaluation of its currency would lead to booming revenues from tourism, a “growth which would help offset the inevitable bankruptcies and drag from the rising cost of imports”.
Fortune’s story concludes that Greece’s “currency” is still overvalued and that re-emerging as a bargain destination for all of Europe would inevitably get the country’s economy back on track.