How to pay for your vacation in Greece
Travelers are struggling to pay their holidays.
Greece is cutting off credit card transactions for travelers as it struggles to cope with the economic fallout of the debt crisis.
But many tourists are paying with cash as the country braces for a massive tourism influx.
Travel agents and hoteliers are reporting a spike in bookings as Greeks pay their way out of debt.
But the country’s government has taken measures to restrict travel as fears mount about a looming economic meltdown.
What is Greek credit card debt?
In Greece, a total of 6.2 billion euros ($7.4 billion) of debt has been issued by the country since the end of 2010.
This total is equal to about 30 percent of GDP, and the total debt stands at an estimated 7.3 trillion euros ($9.1 trillion).
Most of the country is in default on its loans.
In addition, Greece’s central bank has refused to buy debt to cover the deficit, despite mounting inflation.
A debt restructuring has been under way for a decade, but has been suspended due to the country failing to meet a target for the amount of debt to be restructured by 2020.
Greece has been in the news recently because of the economic crisis.
Tourism has been booming.
But while the country has benefited from this growth, it has also suffered from the economic downturn, which has seen the number of tourists decrease by around 25 percent since the start of the year.
Greece’s economy has shrunk by 6.7 percent since January 2010, and has been stuck in a deep recession for the past two years.
Inflation is rising.
Tourism revenue has dropped by around 10 percent since 2011, and some experts say it is already below the level needed to keep up with international standards.
In October, the Greek government proposed a package of measures aimed at bringing the country back to growth, including a budget surplus, but the measures have not yet been implemented.
Why are tourists spending money in Greece?
As Greece struggles to deal with its massive debt, many tourists have taken to social media to complain about the country being too expensive.
On Twitter, some have urged tourists to pay in cash instead.
According to data from tourism website Euromonitor, Greece has the highest per capita consumption of international travelers in Europe.
But as tourists have started to go to Greece more and more often, their purchases have also increased.
The country has been the site of a number of scams, which have seen some tourists pay to get access to luxury hotels.
Travel agency Euromonitors believes some hotels have been overcharging by up to 200 euros ($222).
As of December 30, Greece had recorded 7,964,988 transactions, with an average amount of 3,600 euros ($3,749).
The majority of these transactions were for hotel stays of up to four nights, which are often cheaper than the standard four-night stay.
In recent months, some hoteliers have started offering more affordable rates for tourists, which means some hotels are actually offering a better deal than the typical four-star hotels.
As the debt-burdened country is on the verge of a possible default, it is not uncommon for tourists to use travel agents or travel agents in other countries to book trips.
However, the problem with these trips is that the country does not offer the same service to tourists from outside the country.
The government has warned that tourists will not be able to use its credit card services if the country defaults on its debt.