Australian Dollar’s Fall Won’t Slow Greek Trips

959025-australian-dollarThe Australian dollar’s slump is not going to keep Aussies from visiting Greece this summer but it will definitely have an impact on the purchasing power of those who travel. According to travel agents’ estimations, in the two coming months around 70,0000 Australians, most transplanted from Greece, will visit their homeland.

However, their purchasing power will be reduced as the Australian dollar has fallen to 33-month-low.  From 1.05 cents compared to the US dollar that it was on April 11, it dropped to 92 cents this month.

The fall in the value of the Australian dollar was partly sought by the Reserve Bank as it will lessen the benefits for Australians traveling abroad and buying online and thus boost Australian exports and domestic tourism.

Except tourists, drivers in Australia are also to loose from this fall of the Australian currency as the price of petrol will be pushed even higher as well as consumers as cost of the imported products will be increased.

According to a recent research, the tourists who spend the most when they visit Greece are Australians. On average, a tourist from Australian spends in Greece 1,420 euros and stays 12 days more than any other nationality. Canadians follow (1,207 euros), and then Americans (1,098 euros) and Russians (1,005 euros).

Every year up to 100,000 Australians visit Greece, most of them during the summer, most of them Greek-Australians using an Australian passport.


  1. READ THIS below from New York Times today… Incredible!—-
    “Greek EU Loans Plan May Reward Some Crooked Bank Executives”

    New York Times by Landon Thomas– June 25, 2013
    LONDON — Even as European taxpayers grimace at the escalating cost of bailing out Greece’s banking system, the banks’ top executives are poised to potentially strike it rich.

    The plan developed by the Greek government and its international creditors to recapitalize the country’s banks involves an unusual twist as stock offerings go: the new shares in the banks will give investors free and potentially lucrative warrants that will entitle them to buy many more shares in the future at a predetermined price.

    Because many of the investors who are expected to participate in the stock program are the same executives who were running the banks at the time of their near collapse, critics see it as a case of bankers being rewarded despite their management missteps. And they say the Greek government is forgoing billions of euros in potential revenue with the way the stock offering is being handled.

    Officials of the Hellenic Financial Stability Fund did not respond to questions about the warrant program. Nor did Greece’s international creditors — the European Commission, the European Central Bank and the International Monetary Fund — the so-called troika, which helped the stability fund devise the program.