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Greek recession eases as tourism slows GDP contraction

Rainman05

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http://www.dw.de/greek-recession-eases-as-tourism-slows-gdp-contraction/a-17071300

Solid revenues from tourism have helped debt-stricken eurozone member Greece curb recession in the second quarter of this year. But experts do not see the country return to growth before next year.

Well, greece is a all-year tourist attraction. Sure, the biggest revenue streams are in august/september.

The issues is that you can't rely on tourism alone. you need something else, and that something else is services and at least a minimum, modicum industry.

And a new bailout is going to be approved for Greece... maybe even an extension of the old bailouts because let's face it, there is no way Greece can start paying back it's debts to EU lenders.
 
Greek recession eases as tourism slows GDP contraction | Business | DW.DE | 06.09.2013

Well, greece is a all-year tourist attraction. Sure, the biggest revenue streams are in august/september.

The issues is that you can't rely on tourism alone. you need something else, and that something else is services and at least a minimum, modicum industry.

And a new bailout is going to be approved for Greece... maybe even an extension of the old bailouts because let's face it, there is no way Greece can start paying back it's debts to EU lenders.

This outta teach them to be more polite hosts! During 1990 they were very harsh towards tourists! Well, it was the case between them and us as Albanians at least.

But hey, why do not their fellow Russians come to tour them at these difficult times? Serbs also! They favor these and it is not the case that Russia lacks the amounts required for hotels.

They are basically flooding Turkiye instead as we speak!
 
Don't the Greeks have yogurt and feta?
 
Filo dough? Gyros?
 
http://www.dw.de/greek-recession-eases-as-tourism-slows-gdp-contraction/a-17071300
Well, greece is a all-year tourist attraction. Sure, the biggest revenue streams are in august/september.
The issues is that you can't rely on tourism alone. you need something else, and that something else is services and at least a minimum, modicum industry.
And a new bailout is going to be approved for Greece... maybe even an extension of the old bailouts because let's face it, there is no way Greece can start paying back it's debts to EU lenders.

Recession is a nice euphemism for the situation in Greece. Of course an increase in unemployment of 0,6% since April is no longer so very much at 26,6% and from afar, 64% unemployment among the youth may seem moderate with all those tourists buzzing about. Why the EU even expects unemployment to taper off as soon as 2015.
I do not think the Us has been through a "recession" like the one in Greece since the downturn after 1929.

I think you are right. Tourism is nice to have. It is not enough for the whole economy to stand on alone. And the Euro with the German frugality treatment after the blowout has pushed the country into a hole it will not be easy to get out of.

In countries like Greece, Romania, Portugal or Bulgaria people cannot get medical treatment. A Bulgarian died the other day, as was reported in a local paper, because the German hospital would not operate a tumor on the man's leg and Greek patients can only get treatment or painkillers in hospitals, when paid for in advance.
 
Recession is a nice euphemism for the situation in Greece. Of course an increase in unemployment of 0,6% since April is no longer so very much at 26,6% and from afar, 64% unemployment among the youth may seem moderate with all those tourists buzzing about. Why the EU even expects unemployment to taper off as soon as 2015.
I do not think the Us has been through a "recession" like the one in Greece since the downturn after 1929.

I think you are right. Tourism is nice to have. It is not enough for the whole economy to stand on alone. And the Euro with the German frugality treatment after the blowout has pushed the country into a hole it will not be easy to get out of.

In countries like Greece, Romania, Portugal or Bulgaria people cannot get medical treatment. A Bulgarian died the other day, as was reported in a local paper, because the German hospital would not operate a tumor on the man's leg and Greek patients can only get treatment or painkillers in hospitals, when paid for in advance.

Went to Rhodes..galloping inflation..two small expresso's £7...Bulgarians are considered the lowest of the low in Greece...
 
Went to Rhodes..galloping inflation..two small expresso's £7

Well it is Rhodes, and I bet in the tourist areas.. nothing new there.. prices go up during tourist season and go down after that..

Bulgarians are considered the lowest of the low in Greece...

That is historical.
 
Greek recession eases as tourism slows GDP contraction | Business | DW.DE | 06.09.2013

Well, greece is a all-year tourist attraction. Sure, the biggest revenue streams are in august/september.

So you are so negative on Europe, that even a positive story for Greece you want to turn into a negative one?

And it is July and August, not September ..

There is nothing wrong for being a tourist country. They are the cradle of democracy, and so many other things and a very beautiful country to visit.

The issues is that you can't rely on tourism alone. you need something else, and that something else is services and at least a minimum, modicum industry.

Which they have.. granted it is hurting big time, but that has more to do with the political aspects in the country and not the industrial base or willingness to do stuff. Fact is Greeks are the most hard working based on hours worked in Europe and the industrialized world...

And a new bailout is going to be approved for Greece... maybe even an extension of the old bailouts because let's face it, there is no way Greece can start paying back it's debts to EU lenders.

Greece has a primary surplus, meaning that before interest on their debt they have a surplus. So I suspect that after the German elections, Greece will be given debt relief since most Greek debt is held by sovereign nations now days. But that will depend on the changes that are under way.. and if they keep to them. That is why they have not gotten debt relief yet.. a whip to keep to the plan so to say.
 
Well it is Rhodes, and I bet in the tourist areas.. nothing new there.. prices go up during tourist season and go down after that..



That is historical.

Have you ever been to Bulgaria PeteEU??

They all look like Alexei Sayle...
 
So you are so negative on Europe, that even a positive story for Greece you want to turn into a negative one?

And it is July and August, not September ..

There is nothing wrong for being a tourist country. They are the cradle of democracy, and so many other things and a very beautiful country to visit.



Which they have.. granted it is hurting big time, but that has more to do with the political aspects in the country and not the industrial base or willingness to do stuff. Fact is Greeks are the most hard working based on hours worked in Europe and the industrialized world...



Greece has a primary surplus, meaning that before interest on their debt they have a surplus. So I suspect that after the German elections, Greece will be given debt relief since most Greek debt is held by sovereign nations now days. But that will depend on the changes that are under way.. and if they keep to them. That is why they have not gotten debt relief yet.. a whip to keep to the plan so to say.

This is not a positive story buddy. if you read the article you'd see that the first growth for greece, if everything goes well, is barely in late 2014. And I stress: if everything goes well. If Greece doesn't get a debt repayment break or relief if you will, it's going to go back into recession.
Unemployment among youth is over 50%, closer to 60%, no employment growth in sight. And while there is nothing wrong with having a strong tourist industry, unless you're a small island (like Bora Bora or the Maldives) you're not going to survive based on that alone.
 
This is not a positive story buddy. if you read the article you'd see that the first growth for greece, if everything goes well, is barely in late 2014. And I stress: if everything goes well. If Greece doesn't get a debt repayment break or relief if you will, it's going to go back into recession.
Unemployment among youth is over 50%, closer to 60%, no employment growth in sight. And while there is nothing wrong with having a strong tourist industry, unless you're a small island (like Bora Bora or the Maldives) you're not going to survive based on that alone.

It is a positive that more people are going to Greece to holiday and hence pumping money into the economy.... every bit helps does it not? Fact is the negativity has a large part of the blame often and makes situations far worse than they in reality are.
 
It is a positive that more people are going to Greece to holiday and hence pumping money into the economy.... every bit helps does it not? Fact is the negativity has a large part of the blame often and makes situations far worse than they in reality are.

if my negativity in any way affects the greek economy, I sincerely apologize. But I don't think it does. Things are pretty bad, really bad, regardless of what you and I think. And that's the objective truth.

And while yes, every little bit help, Greece needs a LOT of help to pass the current crisis. With another loan, it will touch/pass the 200% GDP to debt ratio. Japan has similar debt ratios and it's a AAA rated economy. I don't know how Greece will ever dig itself out.
 
The issues is that you can't rely on tourism alone. you need something else, and that something else is services and at least a minimum, modicum industry.

The number of tourist arrivals in Greece has increased 10.1% since the end of the Great Recession, yet, the tourist arrivals are slightly higher than the pre-crisis value of 16 Million visitors. So, I agree with you, it would take either, a much higher increase in tourism or an increase in their Industry and manufacturing value added to the GDP.
 
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