The Greek tragedy playing out on the international stage has not only caused market volatility – what if you yourself are thinking of travel to Greece? And now – Italy also?
These countries have burdensome outstanding debts, and austerity measures would cause increases in income taxes and cuts in public spending.
So what should you be prepared for?
1) The best thing to do if you are planning a trip to either country is buy trip insurance that would cover any reason to cancel. We’ve seen the strikes and protests that can be disruptive to transportation, and others could shut down tourist sites. If this happens right before you are to leave, you can postpone your trip if you buy the right kind of insurance. You can count on insurance to cost about 5% of your trip.
2) Bring cash. You may find that locals aren’t taking credit cards because of the distrust of the banks.
3) Be flexible and aware that things could change while you are there – certain places (restaurants, hotels, sites) could close during slower shoulder seasons because it is not worth it to stay open. You may also encounter protests while on your trip, so be aware as well a flexible.
4) If you are playing for your nice vacation with money in the stock market – take out the vacation money and put it in savings! As we have seen, investors have had a roller coaster ride.
5) It just may be slower and less crowded in Greece with all the turmoil…that is a good thing!
Have a great weekend -