Posted on 11/05/2011 4:39:56 PM PDT by dynachrome
The tour operator TUI has sent a letter to Greek hoteliers (available BILDde) the hotel owner now be asked to sign a new contract in the event of a currency changeover.
Greece Greece Papandreou wins confidence vote Premier Vortex around € Voting Greeks cabinet stands behind Premier Euro vote Papandreou Will we kidding? Euro-Greeks vote solve new crisis Questions about crises
out of the Greek crisis - does it work? More about the euro crisis
Euro-crisis ends? Greeks fawn at Angela MERKULES Greece chronicle of tragedy It states: "If the euro should not be the currency (...), TUI is entitled to pay the sum of money in the new currency. " The exchange rate shall be made at the exchange rate set by the government. "
Background: Experts predict that a new Greek currency could lose shortly after the introduction of up to 60 percent in value. Of these claims would also be affected by foreign companies.
TUI will therefore already now make sure that invoices for the company's first exchange rate is calculated - possible without a loss in value.
Greek hoteliers are outraged by the letter!
(Excerpt) Read more at translate.google.com ...
Verrrrry interesting.
survivalblog.com that is.
Looking forward to ultra-cheap Greek and Italian holidays after they’re forced out of the Euro.
You’ve put your finger on one of the main advantages of a floating currency. Had Greece retained the drachma, it would have slowly depreciated, over the years. Each depreciation would have made Greece’s main export (suntans) cheaper, and thus in greater demand. The depreciated currency would also have kept Greeks at home, and curtailed other spending on foreign goods and services. I know of which I speak — that’s what happened in Canada, when our dollar depreciated to 62% of the value of the U.S. dollar.
"If the euro should not be the currency (...), TUI is entitled to pay the sum of money in the new currency. The exchange rate shall be made at the exchange rate set by the government."
And now Canada is in a much better position financially than we are in the USA.
I know it sounds crazy, but some people insist that’s because we have a Conservative government. < /s
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