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ATHENS – Fearful Greece will go broke and forced out of the Eurozone, foreign tour operators are reportedly forcing the country’s hotels to sign default clause contracts.

Greece was heading for a third straight record tourist season, critical for any hope of recovery, before the ruling Radical Left SYRIZA party refused to impose more reforms, staving off aid from international lenders.

That has already led some tour agencies to require drachma clauses and warn tourists to bring cash in case the country’s ATM’s are shut down for capital controls and bank account confiscations.

The default clauses in the case of international conferences could mean hotels wouldn’t get paid if the country doesn’t pay its loans.

Kathimerini said that already one conference organizer bringing in foreign delegates in June has imposed the clause on the hotel, which wasn’t named.

That comes as hotels are already lining up 2016 contracts with foreign tour operators who are demanding extra safety clauses if Greece is out of the Eurozone, back to the drachma, a dual currency or issues IOU’s instead of money.

The contract terms will also depend on the planned new Value Added Tax (VAT) rate and whether any increases could be passed on to event organizers and if it will push hoped-for events toward competing countries such as Turkey and Spain in the fight for visitor’s money.

 

 

The post Greek Hotels Take Default Clauses appeared first on The National Herald.

Source: The National Herald
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