Holiday prices to Greece could fall as the country fails to resolve its debt crisis, according to a leading financial travel expert.
Deloitte’s travel, tourism and leisure partner Graham Pickett predicts the country – which enjoyed a sales revival after elections this summer – will yet exit the euro zone.
Speaking at Travel Weekly’s Business Breakfast, Pickett said there were no signs of recovery of the destination’s economic problems despite the election of a new government this summer.
He said: “I think people are coming more to the conclusion that the politicians cannot sort it out. If you look at Greece’s economy, it is not getting any better. They want to delay the austerity process for two years and are asking for another 15 billion euros.
“The German elections are coming up; are they going to continue putting their hands in their pocket to support Greece? I still believe Greece will come out [of the euro].”
Further political unrest is inevitable and for the travel industry this could mean a drop in holiday prices to attract holidaymakers, Pickett forecast. “Greece will become relatively cheap and people will get more bang for their buck.”
The destination has already enjoyed a surge in sales this summer following the elections. Hugh Morgan, managing director of the Monarch Travel Group, which includes tour operator Cosmos Holidays, said: “I have never seen a comeback to Greece in my life like [the one] we have had this year.”
Pickett added: “It’s not that people feel sorry for Greece, they think they can get a cheaper holiday.”
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