ECONOMY

FT: TUI payments delay puts survival of Greek hoteliers at risk

ft-tui-payments-delay-puts-survival-of-greek-hoteliers-at-risk

The survival of hundreds of Greek businesses in the hospitality industry is at stake after tour operator TUI earlier this month issued a series of contract amendments that require hotel owners to wait until March 2021 for three-quarters of the money due for accommodation booked this year, the Financial Times reported on Thursday.

According to the report, payments, which in some cases amount to several hundred thousand euros, are usually carried out two months after departure dates.

Asked by the newspaper, Greek Tourism Minister Haris Theocharis said the government was “monitoring the situation closely.”

Tourism employs about 700,000 people in Greece and accounts for around 20% of the country’s economic output.