ECONOMY

Hotels slash their prices

Greek hotels, such as the Palladium on Myconos (pictured), have slashed their prices this year in a bid to attract more visitors in the context of a growing domestic crisis as well as problems being faced by the eurozone as a whole, but it seems this will not be enough to offset a drop in bookings from last year.

Hotel comparison website Trivago?s data show that Greece has this month become the third cheapest destination among 24 European countries as far as accommodation is concerned. It also has lower prices compared with its direct Mediterranean competitors, Turkey, Spain and Cyprus.

In Athens hotel rates have gone down by 16 percent year-on-year this month, dropping from an average rate of 114 euros in May 2011 to 96 euros now.