Finance Ministry Rejects Loan To GNTO

The Association of Greek Tourism Enterprises (SETE) said last month that chances of a revival of the Greek economy are decreasing since the Finance Ministry did not approve of a 50 million euro loan for the Greek National Tourism Organization.

The loan was to be used to cover debts to foreign media (40 million) and promote Greece as a tourism destination (10 million).

SETE underlined that the funds initially to be used for the hosting of the 2010 Mediterranean Games (some 80 million euros) could have been invested to promote Greek tourism for the 2011-2013 period.

However, Culture and Tourism Minister Pavlos Geroulanos recently told Cretan hoteliers that the ministry would ensure funding on the same level as last year’s budget for the country’s tourism promotion abroad.

When speaking to journalists last month at a separate event, Mr. Geroulanos said the ministry would soon create a website for booking travel packages and use the revenue as funds for advertising.