Greek euro exit 'no disaster' for tourists, says finance specialist

Greek euro exit 'no disaster' for tourists, says finance specialist

Holidaymakers heading to Greece this summer have little to fear from the prospect of the country quitting the euro zone, according to a senior industry analyst.

Deloitte partner Graham Pickett said: “Joe Public will be all right. It won’t be a disaster.”

Pickett, the head of the Deloitte travel, tourism and leisure division, believes a Greek exit from the euro is now on the cards. He said: “It is not if but when Greece comes out.”

But he told Travel Weekly: “Tavernas and restaurants will carry on accepting euros. Holidaymakers will have euros in their pockets, and credit cards are backed by the global banking system."

He said tourists in Greece at the moment the country switches currency would need to have cash or cards.

Pickett said: “You wouldn’t be able to go to a bank and draw money out. The banks would need to be closed for four to five days while they fix the exchange rate.

"There is a huge amount of bureaucracy. So the advice to holidaymakers would be to go prepared.”

However, he said: “There could be all sorts of issues around hoteliers who have not been paid. There is a risk there. There is a lot of uncertainty.

Pickett also warned: “Greece coming out of the euro will be a shock to the equity market. We will see more volatility there. The UK economy will take a hit. And it will be expensive. It is pretty serious.”


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