With Greece in turmoil, and my partner and I visiting Greece and other parts of europe in August/September this year, when do you think is a good time to buy euros? Have I missed the boat?
Greece's currency might still change, correct?
What other things should I be wary of that might affect me during this trip?
Thanks :-)
Fingers crossed they don't change their currency.. otherwise its just one more currency we have to worry about exchanging. Hope it doesn't have too much effect anyway.
If that happens you'll probably be changing your AUD or USD to Drachma, or whatever it will be called, at the going rate which will be an absolute bargain for visitors so you'll be laughing all the way to the shops. But maybe not openly so that you don't hurt the feelings of the suffering locals.
Hehe. Why will it be a bargain.. to bring more tourists in?
@kimba88: Because prices of local products and services will more or less track the local currency and those cannot rise too much or no locals can afford to buy things. But the Drachma will fall wrt other world currencies because of the situation so you will be getting more for your "hard currency". Also as you mentioned, this bargain will also help bring in foreign income.
@greenpossum: makes sense.. as you can tell, i'm not so good with the finance side of things. I'm not too bad with saving a dollar here and there though thanks to this website :-)
Or the Greeks do it like other countries such as Egypt and charge locals one price, and tourists another much higher price. I have been there and other places many times so please do not start telling me this is not how it is.
I certainly would do that as Aussie tourists, US tourists etc. can afford it and it would help the economy.
Greece has always been proud to not be an absolute bargain holiday destination as some Spanish islands in order to deter the behaviour going along with it (see Mallorca, Ibiza). I doubt that they will want to go down that road again as it will ensure that the much larger number of European tourists with buying power (not the students, but the families) will avoid it like the plague.
I would gamble on waiting myself. The only reason to buy euro now would be if the exchange rate was likely to rise if they do exit. Sure the EU would have one less country to worry about, but it throws the sustainability of the whole system into question then so I feel like it would be more likely to fall.
My biggest worry would be if they are still in the EU then, and the banks are still experiencing the lack of cash - meaning you have to carry quite a bit of cash into the country, and become a target for theft. That said, I was there in May, and felt safe everywhere I was (Peloponnese and Northern Greece). It was depressing though. Lots of storekeepers sitting outside their store on a chair, keeping their lights off to save money, then get so excited if you even look in the shop window thinking they might make a sale, it is high pressure. Bargains to be had, but not fun being a tourist in an economically depressed country.
Sounds like a sad time for them all. I really hope things turn around for them. I also do not want to become a target for theft.. that's one of the things that scare me about this trip.
Haha, I got married on the weekend and our honeymoon is in the Greek Islands. We are currently sitting in the Istanbul airport about to fly on Greece.
Can't do much, just took extra cash and now pulling cash out of my Citibank
debit.
Way more cash than I want to be carrying, but what can I do?
congrats
Congrats :-)
Congratulations! I hope your honeymoon is beautiful regardless! Keep us updated on the situation over there. I will be going to Mykonos and Santorini myself :-)
OzBargaining on your Honeymoon… <level up>
We've carried a bit of extra cash but haven't seen anything different whatsoever. We've paid for meals and sunset catamaran tours with my 28 degrees, pay for small things with cash.
Ios shouldn't be too much different either.
Athens we might see more people out and about protesting or whatever, buy we should have spent most of our cash by the time we get there.
All the people I've spoken to want the drachma back.
ASX certainly feels the effect of referendum result there with a big drop this morning, despite thousands of kilometres away. Hopefully everything is still alright over there and come back home safely.
Athens tomorrow, this is where things could go a bit nuts.
The islands have been wonderful. People aren't even talking about it here. Fell in love with Santorini.
Not sure there is any other way out of the crisis other than for Greece to leave the Euro thus changing the currency of Greece. ATMs are currently blocked for Greek banks but tourists can still access their international money.
AUD-EUR doesn't really shift too much although who knows what effect leaving the EURO would do to it.
It's certainly going to be a bargain holiday spot in the next couple of years.