Hers “iron dome” protection for the country to avoid them financial “rockets” from the war to Middle Eastthe government plans. “Refuge” finds in fiscal arsenal it has prepared (e.g. for financial bulwarks and support measures that may be needed), but also in Tourism which, although at first reading it is considered “Achilles heel” in war situationscan evolve into “window” of opportunity and escape in the crisis.
In the financial staff closely monitor the emerging threats to the European and Greek economy. However, they also analyze the movements of each country separately in the region, as they affect or overturn balances that directly concern Greece.
Already in the first hours when the crisis broke out, the airspace of several states that are bathed by the Mediterranean Sea was closed, in order for there to be international intervention and the interception of Iran’s missiles towards Israel. This development obliges airline companies and big ones tourist offices on constant alert, to avoid or divert routes to and from Israel, Lebanon, Jordan, etc.
Already in Israel are noted trip cancellations to Jerusalem by Pilgrims ahead of Easter. And if the escalation continues, cancellations or changes of tourist packages in the area are expected, such as and on Cruise itineraries in the southeastern Mediterranean.
From such phenomena, the Hellas does not appear to be threatened but possibly enhancedas it projects as o now a safe tourist destination in this troubled region.
The “scale” also includes ambivalent attitude of Turkey which – at least in the first phase – refused to cooperate with the West in repelling Iranian attacks from its territory. From this development as well as the tightening of its ties with Islamist military groups and states in the region (Iran, Hamas, etc.), Turkey it may no longer be considered a friendly destination for Western touristsmoving them away from the Asia Minor coast or Constantinople and directing more towards our country.
What will Greece experience?
With a new war in its neighborhood, Greece is called upon to justify his assessment International Monetary Fund which in his latest report concludes that our country proving resilient to any major financial challenge.
The conflagration finds our country to have demonstrated admirable resilience, on almost every level. THE development remains quadruple her Eurozone struggling to raise his head.
However, Greece may be again the only “good news” and “positive surprise” in the EUif today (Monday 22/4) h Eurostat announce that the 2023 the primary surplus exceeded estimate for 1.1% of GDP that Athens and the international organizations predicted for our country, touching or possibly surpassing it 1.5%-1.6%!
While Greece took a breather from the fall of of international energy pricesthese tend to rise again before the market has even managed to absorb their knock-on effects in food and services inflation.
Fuel-Energy
The initial predictions analysts for global domino effectwith a jump 50% at the international price oil (from 90 to 130 dollars per barrel) and a corresponding increase in price of gasoline in the country from 2 to 3 euros per liter, for now they didn’t find a “target”.
The Brent oil which is considered the driving force of the European economy and the basis of all forecasts internationally, showed admirable results stability. For a week after the Iran strike, the market rejected the “black” predictions of $100 or $130 a barrel. The prices they fell below 90 dollarsclose to resting levels of $86 the barrel.
Our country it does not depend from traditions oil from Iran (due to the embargo) nevertheless the price of lead-free in Attica but also nationwide “flirts” with the 2 euroswhile in many regions of the country this “psychological limit” has been exceeded.
THE explanation it is hidden in that the petrol used in cars, although a petroleum derivative, is differentiated productis traded separately and its price in Greece depends directly not on brent crude oil prices, but from Premium Mediterranean International delivery prices (Platts/MED). In the international commodity markets, in fact, the petrol has the greater increase (after cocoa) and climbs to the highest levels of the last six months! For this reason, sales price increases continue – and new ones are expected – regardless of the course of brent oil.
Increases were also noted in natural gas. While initially prices soared from 30 to 34 euros the thermal megawatt hour, within one day they fell as they rose. Any escalation of tension, however, can detonate re-increase in Energy pricesdragging down production and transportation costs.
Trade
Regardless of the threat to Fuels and Energy, possible escalation could lead to longer years obstacles to transportation. The arrivals of goods in Piraeus through the Red Sea they have already burdened in cost and time. A further escalation will be reflected in shortages of materials and more elevated transportation costs raw materials and goods from Asia. In such a situation, the government will intervene “firefighting” again, so that the course is not irreparably damaged development.
The tourism
Critical parameter in possible escalation is Tourism in the Southern Mediterranean. Our country depends directly, but it can gain an advantage due to geographical location, as the “hardships” of the crisis will hardly reach the Aegean, while it exists uninterrupted road connection to and from Europe which other countries in the region do not have.
“Unknown X” remains in case change of Cruise destinationswhich could bring more visitors to safer ports, such as the Greek islands.
It is a question mark the flow of tourists from Israel, which are a basic “source” for Greek Tourism. “The arrivals of travelers from Israel to Greece and the corresponding receipts followed an upward trend in recent years. The their share in total inbound travelers approached the 2% in 2022 both for arrivals and receipts, surpassing the corresponding levels of 2019 (1% in arrivals and receipts)” states in an analysis included in its Report for 2023 the Bank of Greece.
However “during the summer season April-October 2024 the scheduled flight positions from Israel to the destination airports in Greece (Athens, Thessaloniki, Heraklion, Mykonos, Santorini, etc.) show down 7.6%» points out TtE.
Despite the risks, however, if the conditions are favorable and the skies over Israel do not close, Greece is expected to become the No.1 destination for residents of Israel who will want to “escape” for a while from the suffocating situation they have been experiencing for the last seven months (with the alarm sirens and shelters on a daily basis) looking for a safe “refuge” of peace for themselves and their families.
Read more
Timur Turlov (Freedom Finance Corp.): We are opening the door of Wall Street to Greek companies
How will office rents be structured in the two years 2024-2025 in Athens – The prices (diagrams)
Auctions: Week of historic names, with “Lira”, “Pejetaki” and… “Four Seasons” (pics)
For all the rest news of the news you can visit it First subject
developmentEurostatPrimary surplusgasolineMiddle East
