Tourism Sector Swamped in Unpaid Debts

Foreign tourism concerns owe their Greek counterparts more than two billion euros for tourism services rendered, according to recent press reports. Although most of the debt concerns 2003, some has been carried over from previous years.

The international tourism crisis and the change to last minute bookings for travel packages have taken its toll on foreign tourism concerns. Representatives of these concerns here in Greece, however, bear the unpleasant consequences as they are the ones being called upon by local tourism enterprises -mostly hotel units- to arrange payment of overdue accounts.

Professionals in the trade say the above has placed many Greek tourism companies in a precarious financial position. When this is added to the past few years of low revenues because of the discounted prices given to pick up last minute bookings, the fear is genuine that a number of Greek companies will not be able to endure another mediocre tourism year.