SETE-BoG: Tourism can Help Greece Meet its Fiscal Targets

Pre-bookings for the 2017 tourism season to date reveal a “dynamic” demand for Greece, a fact that can help the country achieve its fiscal targets to a large extent, according to Bank of Greece (BoG) Governor Yannis Stournaras and the Greek Tourism Confederation (SETE).

During a meeting on Thursday, a delegation from SETE, headed by the confederation’s president, Andreas Andreadis, briefed Stournaras on pressing issues including Greek tourism’s contribution to investments, growth and employment. Ways to recover Greek tourism’s competitiveness were also discussed.

The two sides highlighted the risks posed by Greece’s delayed second bailout review, the refugee crisis and Turkey’s unpredictable stance.

Other issues discussed between SETE and Stournaras included non-performing loans and capital controls, which, according to SETE, currently undermine the operation of tourism enterprises and also act as a barrier to the sector’s further development.

The two sides agreed to cooperate closely in order to find solutions that will enhance “one of the only sectors of the Greek economy that throughout the crisis continues to play a significant role in the national economy, employment and local communities”.