The economic problems currently being faced by Greece may result in the country pulling out of the EU and re-establishing its old currency - the drachma - instead of the euro. Banks in Europe are scrambling to make provisions for such an eventuality. Recently, the leading German travel operator TUI sent out letters to hotels in Greece asking them to renegotiate their rates in drachmas to avoid losses in case Greece pulls out of the euro.
But currency woes are not limited to Greece. On November 24, the credit rating agency, Moody's, downgraded Hungary's ratings to "junk" - and the value of the Hungarian currency - the florint fell by 6% to 238 Florint per US$. Although Hungary is part of the European Union, it has not yet integrated its currency with the Euro. Another ratings agency, Fitch, declared on Friday, Nov 26, that Portugal's government bonds were worth "junk" exacerbating the already difficult economic scene in Europe.
Italy lost its Prime Minister Berloscuni due to their economic woes while Spain and Belgium are also facing similar problems.
If Greece starts using the drachma, travelers will benefit from lower prices and Greek tourism may see a big inflow of tourists.
It is the unofficial ‘centre’ of the city as it holds the Plaza de Mayo, the main square in Buenos Aires. This barrio also has some beautiful French style buildings and is one of the most expensive areas to live. The square is surrounded by the key commercial and shopping areas in Buenos Aires and contains a beautiful park with fountains and statues. The Casa Rosada, the Presidential palace is on ...
The best place in Sydney for children is the Rocks. This historic neighborhood always has a festive buzz to it (and also holds festivals frequently) along with having the Royal Botanic Gardens and Taronga Zoo very nearby. The Rocks is sure to have some great entertainment for children if you are there when a festival is going on. If not, you and your family can stroll down to the Puppet ShopRocks ...
Within 5 kms of the City Center is this architectural masterpiece. Considered the largest rink in East Africa, the Ice Rink is on the 2nd floor of the Panari Sky Center. It has 15,000 square feet of ice and can accommodate 200 skaters. The ambience of the Alpines have been recreated. ...
Repulse Bay is the most popular beach of the island. The favorite of the rich and famous of Hong Kong, it is the place to visit for expensive classy restaurants and high quality exclusive shopping. ...