Greece

Brexit-in Athens

Once again dark clouds on the Greek economy: experts fear that the Brexit vote could have a negative impact on tourism and the rescue program for Greece.

Ironically, Alexis Tsipras is said to have laid out at the recent EU summit a sense of British Humor to the day: According to the Athens media chided report to the left Premier and his British counterpart David Cameron with the words, it was amazing that the voters ‘ decision caught him off guard.

With this statement, Tsipras caused Amusement in Brussels, he had called, but even a year ago, to a rejection of all Austerity measures in the country and the public vote won by a little later to back down. “Bend it like Tsipras”, quips Stefanos Kassimatis, a columnist for the Athens newspaper Kathimerini. Should read: Cameron to let the left Prime inspiration, and a clear “no” to overnight a “Yes” kind of.

“Europe needs growth, not austerity”, says Alexis Tsipras

Economic analyst Kostas Stoupas sees no reason for the amusement. Rather, he Worries about the Greek economy after Brexit vote. The reaction of the Athens stock exchange leave does not augur well, says the Economist. “On the first day after the Referendum, Greece’s stock market fell more into the red as London or Frankfurt. You are lost within a few hours of about 10 percent and has not recovered still,” stresses Stoupas in an interview with DW.

However, attempts of the Governor of the Greek Central Bank, Yannis Stournaras, Confidence, to spread: at Least for the export industry would be the Brexit-follow manageable since Greece already no trade with great Britain, writes Mr. Stournaras in the weekly newspaper To Vima.

The British now save the holiday?

Terrible fear for the only glimmer of hope in the country: tourism. The UK is regarded as the second most important market for Greek Hoteliers, more than two million British people each year spend their holidays in Hellas. Alone in the period from January to April, 2016, as a Brexit was still in the distance, were the Greeks on 206.000 Arriving from the British Isles – an increase of nine percent compared to the previous year.

In the case of a recession or a prolonged period of uncertainty in the UK, Greece had to adjust to a substantial decline in the tourism business, warns business analyst Stoupas. Similar threat, if the pound should tend against the Euro in the longer term, a weakness. “If it is tight, saves everyone, first of all, the holiday”, the Economist.

After the Brexit vote, many Greeks Worry that fewer tourists come from the UK

An opinion of the Greek hotel Association (SETE) confirmed these Concerns: The uncertainty of the future of the UK would bring disadvantages for tourism in this year, the SETE-statement. This is because 50 per cent of the UK-Greece-book visitors of late, and more on Last Minute deals. “Given the uncertainty of the Referendum now, many British people might change their holiday plans and on a Greece-visit without. We Worry,” says SETE speaker Xenophon Petropoulos of the DW.

A slump in the second-largest EU-market would be a major blow and would not jeopardize the implementation of the current rescue package for Greece, warns Economist Stoupas. His justification: “The implementation of the programme and the expectation of the EU Commission that Greece is returning this year to growth, it is expected that tourism growth delivers pulses. This should be deleted, you have to expect.”

Indulgence of the lender? Incorrect display

In June, Athens to get the green light, that a much-needed credit tranche can be disbursed in the amount of 7.5 billion euros. At the latest in October of the next Review of the Greek reform efforts. But now, Prime Minister Alexis Tsipras warns that the Brexit vote would have to replace Europe’s “austerity through growth”.

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According to the newspaper Kathimerini has Tsipras at his last Summit is in Brussels, declared, in the face of a looming recession would have “at least some aspects of the Greek programme review”. He hopes, apparently, that the EU partners of Greece after the Brexit vote contrary to get stronger in order to avoid further turbulence in the European family.

Economist Stoupas believes that the government in Athens to follow exactly this calculus, however, without prospect of success. “This expectation does not reflect reality. The tough stance against the British makes it clear that no EU state is allowed to violate the rules,” warns Stoupas.

Also Panagiotis Ioakeimidis, Professor for European policy at the University of Athens, sees no Alternative to the bailout program. Just because the European partners wanted to avoid further crises, you would look for in the future much more accurately the fact that Greece implements the program, says the European expert in the DW-interview.

A trump wants to pull Tsipras Sleeves: According to a report by the Greek state television, he and his Italian counterpart Matteo Renzi want to work on a Mediterranean axis to promote growth in Europe. Not a good idea, Professor Ioakeimidis: “to call A Mediterranean-axis, would be catastrophic for Greece. So we would throw ourselves to the so-called two-speed Europe, which we according to their own information at any cost want to avoid.”