Greek Economy could affect travel plans

tiyana4 · December 4, 2010

[quote name='lurvecruise']hey tiyana4
sorry to hear that Jade cxl port in Greece but just curious what ports did they reroute?:D[/quote]

We stopped in Heraklion (Crete), Greece. This turned out to be a great alternative.....but I admit that I really wanted to see Athens. The irony of it all is that we still came face-to-face with protestors/demostrations as we attempted to cross a street in downtown. We were delayed for some time as they blocked intersections and city streets. We were held up later in our vehicle as they blocked other sections of the city. It was all nonviolent, but this and the strikes were the very things were were trying to avoid by skipping Piraeus.

I will say that Crete is still a lovely place to visit.

TLCOhio · December 4, 2010

[quote name='tiyana4']We stopped in Heraklion (Crete), Greece. This turned out to be a great alternative.....but I admit that I really wanted to see Athens. The irony of it all is that we still came face-to-face with protestors/demostrations as we attempted to cross a street in downtown. We were delayed for some time as they blocked intersections and city streets. We were held up later in our vehicle as they blocked other sections of the city. It was all nonviolent, but this and the strikes were the very things were were trying to avoid by skipping Piraeus. I will say that Crete is still a lovely place to visit.[/QUOTE]

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]THANKS for the update on your experiences in Greece! Sorry you missed Athens. Glad to hear that Crete was lovely.

From Thursday, here is this headline: [B][I]"Minor Clashes Occur during Students' Protest in Front of Greek Parliament"[/I][/B] with these highlights: [I]"A mass rally in Athens of students protesting against government austerity measures ended up in minor clashes with anti-riot police in front of the Greek parliament on Thursday afternoon. Police dispersed the young protesters using tear gas, when a group of students close to extreme Left parties tried to get closer to the parliament building in the center of Athens. According to the latest information, at least four protesters were detained. Students staged the Thursday demonstration to protest against reforms and cutbacks that affect the education sector in debt- ridden Greece."[/I]

Full story at:
[url]http://english.cri.cn/6966/2010/12/03/1461s608282.htm[/url]

Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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TLCOhio · December 16, 2010

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]From the Reuters newswire earlier today, they have this headline: [B][I]"Greek police clash with anti-austerity protesters"[/I][/B] with these highlights: [I]"Greek protesters clashed with police and set fire to cars and a hotel in central Athens on Wednesday as tens of thousands marched against austerity measures aimed at pulling the country out of a debt crisis. Riot police responded with dozens of rounds of teargas in clashes that lasted more than an hour in the biggest and most violent march since three people died in protests in May."[/I]

This story also gave these added details: [I]"[B]Striking public and private sector workers grounded flights, shut down schools and paralysed public transport[/B] and about 50,000 marched through the capital. Some shouted: 'Revolt! Overturn government measures!' "[/I]

Full story at:
[url]http://www.reuters.com/article/idUSLDE6BD2FH20101215[/url]

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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TLCOhio · December 23, 2010

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]Not trying to be too negative, but here is latest on Greece and its economic challenges. From the Reuters newswire yesterday, they have this headline: [B][I]"Greeks protest before 2011 austerity budget vote"[/I][/B] with these highlights: [I]"Thousands took to the streets of Athens on Wednesday to protest against the 2011 Greek budget which imposes yet more austerity on the debt-choked nation, but parliament was set to pass the bill later in the day anyway. Public transport ground to a halt in the capital as about 3,000 protesters rallied peacefully in front of parliament shouting 'We can't take it any more.' "[/I]

Another key story highlight: [I]"The new spending cuts and tax rises in next year's budget have failed to calm fears about Greece's ability to pull itself out of a debt crisis that has shaken the entire euro zone. [B]Fitch agency said late on Tuesday it may cut the country's credit rating next month to junk[/B]."[/I]

Full story at:
[url]http://www.reuters.com/article/idUSTRE6BL1NK20101222[/url]

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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dabear · December 23, 2010

On our NCL Jade cruise we're scheduled to stop in Athens in late January, 2011. Hopefully things will have quieted down or else it appears that the ship would be diverted to Crete. How far in advance were you advised that your ship will be diverted?

TLCOhio · December 23, 2010

[quote name='dabear']On our NCL Jade cruise we're scheduled to stop in Athens in late January, 2011. Hopefully things will have quieted down or else it appears that the ship would be diverted to Crete. How far in advance were you advised that your ship will be diverted?[/QUOTE]

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]Some strikes in Europe are known more in advance. Others just "POP UP" based on something their legislature is going to do or considering, etc. [B][I]Even if there is a strike in some part of Athens, that doesn't shut everything down. [/I][/B] Play it by ear and hopefully things will work out. With NCL, they are a fair large group of ships and their management should be watching things carefully. GOOD LUCK!

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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dabear · December 24, 2010

[quote name='TLCOhio'][COLOR="Blue"][SIZE="3"][FONT="Georgia"]Some strikes in Europe are known more in advance. Others just "POP UP" based on something their legislature is going to do or considering, etc. [B][I]Even if there is a strike in some part of Athens, that doesn't shut everything down. [/I][/B] Play it by ear and hopefully things will work out. With NCL, they are a fair large group of ships and their management should be watching things carefully. GOOD LUCK!

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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makes sense. Thanks. We can always hire a taxi at the last minute if we dock in Crete.

TLCOhio · January 13, 2011

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]Coming this Sunday in the New York Times Magazine, they have this headline: [B][I]"Can Europe Be Saved?"[/I][/B] with these highlights: [I]"There's something peculiarly apt about the fact that the current European crisis began in Greece. For [B]Europe’s woes have all the aspects of a classical Greek tragedy[/B], in which a man of noble character is undone by the fatal flaw of hubris. Not long ago Europeans could, with considerable justification, say that the current economic crisis was actually demonstrating the advantages of their economic and social model."[/I]

The author of this in-depth analysis is Paul Krugman, a Times columnist and winner of the 2008 Nobel Memorial Prize in Economic Sciences. His latest book is “The Return of Depression Economics and the Crisis of 2008.” There is much history of the euro, how its planning/roots started in 1950. He notes: [I]"as democracy spread within Europe, so did Europe’s unifying economic institutions. Greece, Spain and Portugal were brought in after the fall of their dictatorships; Eastern Europe after the fall of Communism."[/I]

A key point for his piece is: [I]"The tragedy of the Euromess is that the creation of the euro was supposed to be the finest moment in a grand and noble undertaking: the generations-long effort to bring peace, democracy and shared prosperity to a once and frequently war-torn continent. But the architects of the euro, [B]caught up in their project’s sweep and romance, chose to ignore the mundane difficulties a shared currency would predictably encounter[/B] — to ignore warnings, which were issued right from the beginning, that Europe lacked the institutions needed to make a common currency workable. Instead, they engaged in magical thinking, acting as if the nobility of their mission transcended such concerns."[/I]

As you prepare and plan for cruises in Greece and/or other parts of Europe, this story gives important background to understand what has been happening in Europe economically and why. Interesting read and very educational.

You can see the full story at:
[url]http://www.nytimes.com/2011/01/16/magazine/16Europe-t.html?_r=1&hp[/url]

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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TLCOhio · January 26, 2011

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]From the New York Times today, they have this headline: [B][I]"As Europe Toils on Debt, U.S. and Japan Watch Nervously"[/I][/B] with these highlights: [I]"For all their differences, the big, rich economies of the world are confronted by stark similarities. Each has a mountain of debt that is proving harder and harder to support, given the way their societies are structured. Trapped by aging populations, underfunded pensions and social security commitments, their dilemma is in sharp contrast to the current vigor and youth of emerging economies. China and India may have growing pains — but debt is not one of them."[/I]

Much of this story is based on reporting from the Davos, Switzerland, financial conference and the reactions and analysis about the fiscal crisis in Europe. [B][I]It reflects the problems in Greece may be only the beginning.[/I][/B] The writer notes: [I]"The debt debacle that erupted last year in Greece and Ireland threatens not just Europe’s economic stability. It has also revived longstanding questions about whether the United States and Japan, weighed down by their own debt, are heading for a moment of truth."[/I] A number of key economists are quoted, drawing comments such as "investors are scrutinizing nearly every country with high debt — with potentially bewildering consequences."

[B]Interesting, insightful and informative background.[/B]

Full story at:
[url]http://dealbook.nytimes.com/2011/01/26/as-europe-toils-on-debt-u-s-and-japan-watch-nervously/?hp[/url]

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

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TLCOhio · January 30, 2011

[COLOR="Blue"][SIZE="3"][FONT="Georgia"]From the New York Times today, they have this headline: [B][I]"What’s Broken in Greece? Ask an Entrepreneur"[/I][/B] with these highlights: [I]"The Greek economy is riddled with distortions — the number of trucking licenses has remained unchanged in Greece since 1971, for example, and the country is among the world’s leaders in lawyers per capita. It has one lawyer for every 250 people, compared with about one for 272 in the United States. The effect on Greek competitiveness could not be more pernicious. [B]The cost of labor in Greece from 2005 to 2010 has been, on average, 25 percent higher than in Germany[/B], according to a recent analysis by Variant Perception, a research firm based in London. (Ireland, Portugal and Spain also have relatively high labor costs.) Quite simply, Greece has had trouble producing goods and services that people want to buy — a result being a persistently high trade deficit that even now, amid the deepest of recessions, has hardly budged."[/I]

This in-depth analysis gives much more of the back story on parts of the economic problems in Greece. Here is another key highlight: [I]"For decades, Greece has been a wonderful place to be a lawyer, a pharmacist, an architect, a university president or even a truck driver— all [B]occupations protected by an array of laws that have shielded them from local and foreign competitors.[/B] Greek pharmacists are guaranteed a minimum profit on their sales and charge some of the highest prices in Europe. And because they have fixed minimum fees, the 40,000 or so lawyers in Greece receive more for their time than their peers in many other European countries."[/I]

Full story at:
[url]http://www.nytimes.com/2011/01/30/business/30greek.html?hp[/url]

THANKS! Enjoy! Terry in Ohio[/FONT][/SIZE][/COLOR]

For lots of interesting details, great visuals, etc., from our July 1-16 Norway Coast/Fjords/Arctic Circle cruise experience from Copenhagen on the Silver Cloud, check out this posting. Don’t be shy and feel free to ask any questions of interest. [B]This posting is now over 30,360 views. Appreciate those who have “tuned in”. [/B]
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TLCOhio · February 23, 2011

Things have been quiet in Greece late and very "busy" in other parts of the world. BUT . . . from the AP news wire today, they have this headline: "Greek riot police, protesters clash during strike" with these highlights: "Young demonstrators hurled rocks and fire bombs at riot police as clashes broke out Wednesday in Athens during a mass rally against austerity measures, part of a general strike that crippled services and public transportation around the country. Police fired tear gas and flash grenades at protesters, blanketing parts of the city center in choking smoke. A police officer was attacked and his uniform caught fire in the city's main Syntagma Square, and his motorcycle was burned. At least two people were injured and another three arrested. One group of rioting youths smashed paving stones in front of the central Bank of Greece. More than 30,000 protesters attended the Athens rally, which had been calm before the clashes. Protesters chanting 'Don't obey the rich - Fight back!' marched to parliament as the city center was heavily policed."

Full story at:

http://apnews.myway.com/article/20110223/D9LIG4900.html

For those with upcoming cruises to cruise to Greece, let's hope that things settle down and not get like Egypt, etc. THANKS! Enjoy! Terry in Ohio

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TLCOhio · March 7, 2011

From the Wall Street Journal today, they have this headline: "Moody's Downgrades Greece" with these highlights: "Moody's Investor Service Inc. on Monday slashed Greece's credit rating by three notches and signaled it could cut it even further, dragging the European sovereign deeper into junk-grade territory. Moody's acknowledged progress that Greece has made in fiscal consolidation and structural reforms, but warned that the changes needed to stabilize Greece's debts remain 'very ambitious' and face 'significant implementation risks.' It also cited a risk that Greece would be unable to satisfy the conditions required for continued support from official sources after 2013, which could lead to a restructuring of existing debt."

Full story at:

http://online.wsj.com/article/SB10001424052748703386704576185822223993858.html?mod=WSJ_hp_LEFTWhatsNewsCollection

THANKS! Enjoy! Terry in Ohio

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TLCOhio · April 22, 2011

Hopefully things will go well for all cruising later this spring and summer and fall to Greece, but here is a little more details on their current economic situation.

From the AP newswire within the last few hours today, they have this headline: "Greek PM: Ratings agencies running our lives" with these highlights: "Greece's prime minister has lashed out at credit ratings agencies, as borrowing rates in the crisis-hit country at record levels threaten plans to return to the bond markets next year. Major rating agencies have all relegated Greek bond status to below investment grade amid the continuing debt crisis. The move has angered the government which argues the fiscal benefits of its austerity program are being ignored. Yields on 10-year Greek bonds rose above 15 percent, compared with the German benchmark rate of 3.27 percent."

Full story at:

http://www.google.com/hostednews/ap/article/ALeqM5gXVOXv63k4RT8thlLeP9zpKMHgrw?docId=481394dcda814ac2a968637cf99f7013

From the smartmoney.com yesterday, they have this headline: "Travelers Find Deals Amid Financial Crises" with these highlights: "Greece must recover dually from damage to its economy resulting in a record $144.5 billion in emergency loans last year -- and its reputation for safety after economic recovery austerity measures led to strikes and violent riots. Tourism revenue fell 9% last year, to roughly $75.4 billion, but still accounts for a fifth of Greece's economy. Chryssanthos Petsilas, a spokesman for the Greek National Tourism Organization, said the 500,000 Americans who visited the country last year represented a 5% drop. To counteract the loss and attract more visitors this year, the government has reduced hotel value-added tax from 11% to 6.5%. That can add up to $100 or more saved over the course of a weeklong visit."

Full story at:

http://www.smartmoney.com/spending/travel/4-spots-for-financial-crisis-tourism-1303333974131/

THANKS! Enjoy! Terry in Ohio

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TLCOhio · May 6, 2011

From the German publications Spiegel today, they have this headline: "Athens Mulls Plans for New Currency. Greece Considers Exit from Euro Zone" with these highlights: "Greece's economic problems are massive, with protests against the government being held almost daily. Now Prime Minister George Papandreou apparently feels he has no other option: SPIEGEL ONLINE has obtained information from German government sources knowledgeable of the situation in Athens indicating that Papandreou's government is considering abandoning the euro and reintroducing its own currency. Alarmed by Athens' intentions, the European Commission has called a crisis meeting in Luxembourg on Friday night. Given the tense situation, the meeting in Luxembourg has been declared highly confidential, with only the euro-zone finance ministers and senior staff members permitted to attend. Should Athens turn its back on the common currency zone, it would have serious implications for the already wobbly banking sector, particularly in Greece itself. "

Per other media reports, the euro lost more than 1%. to US, going down to $1.438 after this German magazine Der Spiegel report.

Full story at:

http://www.spiegel.de/international/europe/0,1518,761201,00.html

THANKS! Enjoy! Terry in Ohio

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MANURULES · May 7, 2011

From http://WWW.ekathimerini.gr

Greece was forced to deny on Friday that it has any intention of leaving the eurozone or that it was discussing a potential exit with its European partners after a report in Germany suggested finance ministers were meeting in Luxembourg to talk about Athens reverting to the drachma.

Spiegel Online reported that Greece had raised the prospect of an exit with other countries. Quoting “German government sources knowledgeable of the situation in Athens,” the Internet version of the German weekly news magazine said eurozone finance ministers were meeting on Friday evening to discuss Greece’s situation, and that a possible restructuring of its debt as well as the issue of leaving the 17-member bloc would be on the agenda of the meeting.

“The report about Greece leaving the eurozone is untrue,” Deputy Finance Minister Filippos Sachinidis told Reuters minutes after the Spiegel report appeared on the Internet. “Such reports undermine Greece and the euro and serve market speculation games.”

A few minutes later, the Finance Ministry issued a formal rejection of the claims. “An article published today concerning the possible exit of Greece from the eurozone is not only completely untrue but also written with incomprehensible flippancy despite repeated denials by the Greek government as well as other EU member states.”

The euro fell sharply on the foreign exchange markets in late trading and Athens said that the claims made by Spiegel Online were damaging for Greece and the single currency. “Such articles are not only provocative but also highly irresponsible as they undermine Greece’s efforts and those of the eurozone and serve only the interests of speculators,” said the Finance Ministry.

Greece’s assertion that no secret meeting was taking place in Luxembourg was backed up by other eurozone members. “I totally deny that there is a meeting, these reports are totally wrong,” Guy Schuller, a spokesman for Jean-Claude Juncker, head of the group of eurozone finance ministers, told Reuters.

A spokesman for the Austrian Finance Ministry said a breakup of the bloc would be “absolutely unthinkable.” “Austria is a member of the eurozone, we know of no such meeting and haven’t been invited, so I conclude that there is no such meeting because I do not believe there can be a eurozone meeting without Austria,” spokesman Thomas Waiglein said.

However, a source told Reuters that some EU ministers were meeting in Luxembourg on Friday to review issues such as Portugal, Greece and European Central Bank leadership, «but nothing more».

German Finance Minister Wolfgang Schaeuble and his deputy Joerg Asmussen were at the meeting, according to Reuters.

Amadeu Altafaj Tardio, spokesman for the EU's monetary affairs commissioner, Olli Rehn, said he did not know anything about the emergency finance ministers meeting in Luxembourg, reportedly called by the European Commission, the EU's executive.

However, a spokesman for German Chancellor Angela Merkel said a prearranged meeting was taking place but did not specify where and stressed it had nothing to do with Greece leaving the euro.

“Greece exiting the Eurozone is not on the agenda of that meeting, and it has never been,” Steffen Seibert said.

http://WWW.ekathimerini.gro

MANURULES · May 7, 2011

From http://WWW.ekathimerini.com