ECONOMY

Greece risks missing out on tourism season

greece-risks-missing-out-on-tourism-season

The suspension of the operations and payments of major international tour operators such as Tui AG and the FTI Group due to the coronavirus epidemic are creating a cash drought for Greek tourism and threatening to devastate the season’s prospects.

Tourism Minister Haris Theocharis has told Kathimerini that it is hard to make clear estimates right now: “If the management of the [coronavirus] issue takes more than three months, then there may be the risk” of missing the season, he noted.

The minister explained there are two scenarios being examined: “One scenario foresees the management of the crisis within three months, with the main part of the summer tourism season still ahead; there is also the negative one that would see the problem take at least six months to resolve.” He added that he hoped the first scenario would prevail.

Unless the situation reverts to normal by July, the second half will also be missed, leading many tourism-related companies to bankruptcy.