Eurobank: initiatives to support Greek tourism

The prospects for tourism recovery in Greece & Cyprus and the major challenges that the industry will face in a new, differentiated environment after the pandemic, were the focus of an online discussion organised by the Management of Eurobank «Estimates & Global Trends in Tourism - Focus on Greece and Cyprus».

The CEO of Eurobank, Fokion Karavias, delivered a welcome speech at the opening of the event, noting that Eurobank has conquered its position as the Bank of Tourism in Greece, permanently seeking to be a useful bank for its customers, to open paths and create opportunities, including the possibility of exchanging views and information, both with the competent bodies and with experienced executives of the domestic and international tourism industry.

During the discussion, Vasiliki Mavrokefalou, Director Market Mgt Lodging of Expedia Group, Soren Hartmann, CEO of Der Touristik, SETE President Yannis Retsos and Eurobank Deputy CEO Konstantinos Vassiliou took the floor. The event was attended by the Bank's Management, in particular the Chairman of Eurobank, George Zanias, the Deputy Managing Directors Andreas Athanasopoulos and Stavros Ioannou, and the Managing Director of Eurobank Cyprus. Michael Louis, as well as many other Group executives.

In the online discussion, attended by representatives of more than 200 businesses operating in Greece and Cyprus, as well as executives of institutional bodies from the tourism sector, the speakers exchanged views on the crucial issue of the return of the tourism industry to normality and the challenges and opportunities that the industry will face in the post-pandemic period.

The participants had the opportunity to attend a presentation of a study by the Chief Economist of Eurobank Group, Mr. Tasos Anastasatos, on «The global, Greek and Cypriot economy in 2021, Prospects for Tourism», with Mr: «The global economy is recovering with the help of vaccinations and supportive fiscal and monetary policies. Tourism and travel will show a more gradual recovery, with domestic and non-air travel leading the way. In the Greek economy, lockdowns postpone recovery momentum to 2022. For Greek tourism, the scenarios for revenues and arrivals this year depend on the evolution of the pandemic, but full recovery of 2019 levels is expected from 2024.».

Vasiliki Mavrokefalou, Director Market Mgt Lodging of Expedia Group, referred to the challenges of the next day: «We believe in rebuilding a sustainable, flexible, resilient and inclusive global travel ecosystem. Our mission is to power global travel for everyone, everywhere. From inspiration to journey completion, Expedia Group harnesses the power and scale of data to help travellers at every stage of their journey. Our platform brings together millions of properties, billions of airline booking locations and thousands of car rentals, cruises and activities.».

Soren Hartmann, CEO of Der Touristik, expressed optimism about the prospects of Greek tourism, underlining: «Customers will once again fall in love with Greece and will want to book a trip to Greece in 2021, but differently and later than before the pandemic. New competitive conditions and different types of payments require new partnerships, greater flexibility, as well as ingenuity.».

Yannis Retsos, President of SETE, emphasized the need for a targeted strategy for the next day of Greek tourism, noting, among other things: «We need to evaluate the changes that are taking place as a result of the crisis on two levels. In the long term, the transformation of tourism towards a sustainable direction and towards digitalisation, issues that we were already discussing before the pandemic, are now more imminent than ever. In this direction, it is an opportunity to redefine products and services while investing in infrastructure and destination management. In the short term, a clear plan for market opening with clear conditions for entry into the country, bilateral agreements between states, targeting of specific markets and a review of operating protocols is needed. Our country and the brand of Greece are among the first choices of travelers, something we can take advantage of with the right conditions.».

Summing up the conclusions of the discussion, Eurobank's Deputy CEO, Konstantinos Vassiliou, referred to the initiatives undertaken by Eurobank to support Greek tourism, underlining: «The historic crisis caused by the pandemic in the global economy is undoubtedly seriously affecting Greek tourism. Eurobank has responded from the very first moment, ensuring liquidity with all the necessary working capital for its current clients, designing and implementing a €750 million support package, specifically targeting the Greek hotel sector, implementing its commitment to the industry, regardless of the adverse conditions. The next, better day is coming for the sustainable tourism business community and Eurobank will support the accelerated recovery in the sector, vindicating in practice its role as the Bank of Tourism & Development.».