Has Crete changed since the recession?

A group of us are thinking about visiting Crete for a two week break in August.

I have visited the Greek island I was young (2004). It was a big destination for tourists and had loads of restaurants and bars. I have some concerns regarding the health of the island since the economic downturn.

Have the facilities (parks)/hotels gotten run down?
Is the high-street full of closed businesses?
Has the cost of dinners gone down?

If anyone visited the island lately any information would be greatly appreciated as we have other destinations we are considering.

greece crete

Best Answer

Being Greek and having traveled many times in Crete during the last decade, there are no distinguishable changes related to the economic crisis, at least not to the magnitude where a stranger would notice it.

Crete is one of the touristic Greek islands, and as with other touristy places nothing has really changed. Some businesses have of course closed, but as long as visitors are showing up, the demand recreates the supply.

So, to answer your 3 bullets, I would say No, No, and Just a little bit (slightly related also to the fact that VAT in restaurants has decreased last year from 23% to 13%).

Pictures about "Has Crete changed since the recession?"

Has Crete changed since the recession? - People on Beach

Has Crete changed since the recession? - The View of the Nautical Museum of Crete Greece from the Sea

Has Crete changed since the recession? - Breathtaking scenery of coastal town near blue sea

How has Greece economy changed in the last decade?

So over the decade, Greece's fiscal performance improved by some 38.5 billion euros. A second accomplishment was the improvement in the current account balance of payments. The 16-billion-euro deficit of 2008 was brought down to 5 billion euros in 2018 (the figure is expected to drop further in 2019).

How long has Greece been in an economic crisis?

In March 2021, Greece sold its first 30-year bond since the financial crisis in 2008. The bond issue raised 2.5 billion euros.

What is happening to the Greek economic system?

Key Takeaways: Greece defaulted in the amount of \u20ac1.6 billion to the IMF in 2015. The financial crisis was largely the result of structural problems that ignored the loss of tax revenues due to systematic tax evasion.

If Fed causes a recession it will be shallow and short, says Citizens Financial CEO

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