Holidays in Greece: Will they get any cheaper with a new left gov’t?

It is unlikely that popular islands like Mykonos and Santorini would get any cheaper, even if the worst case economic scenaria for Greece proved true

In the wake of the election, the euro slumped to a seven-year low, making holidays to Greece a cheaper option for foreign vacationers hailing from outside the euro zone. Noel Josephides, the chairman of the Abta travel association and managing director of Sunvil Holidays, said the euro’s recent direction “southwards” also means trips to southern Greece, France, Spain and Italy “can only get cheaper.”

This means that it makes sense to wait for those interested in a cheap deal. “Tour operators are tied in when it comes to both currency and fuel, so booking late and independently could be cheaper,” he said. Of course, it’s unlikely  that prices would get cheaper in sought-after destinations such as Mykonos or Santorini.

Vacations to Greece would become even cheaper if a Grexit was to take place, though vacationers shouldn’t really wait for a “new drachma” (which, if it ever materializes, will trade weakly against a euro, dollar, pound etc) any time soon.

Prior to the election, SYRIZA had proposed certain radical Latin American-style changes in the all-important tourism sector, such as restricting “all-inclusive” package holidays offered by (private) resorts, nationalizing ferry services and re-establishing a national airline.

Nonetheless, whether it be a sudden drop in prices due to a speculated drop in the drachma or an inclusion in all-inclusive package holidays, these changes aren’t expected to be sudden or soon.