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The collapse of the Russian tourist market was expected

06 August 2014 / 17:08:33  GRReporter
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One after another Russian tour operators are faced with problems that inevitably lead to bankruptcy. After the collapse of Labirint and Intaer companies that has blocked nearly 10,000 Russian tourists in Greece, president of the Association of Greek Tourism Enterprises Andreas Andreadis warned that other companies operating in the Russian tourist market might go bankrupt as well.

He added that this should not be a surprise because "the Russian market has been inflated too much due to the increasing tourist flow. In the long run, the burst of this bubble will be healthy for the market."

According to Andreadis, "in Russia there are no insurance mechanisms similar to those in Western Europe and we have to bear the brunt of the responsibility for the Russian tourists in Greece."

In connection with the statements of Minister of Tourism Olga Kefaloyianni about a 50 percent decline in domestic tourism, Andreadis notes, "This year we are seeing some signs of improvement, reporting an 11 percent increase in airfares and 8 percent in ship tickets among Greek tourists."

Tags: EconomyCompaniesTourismRussian tour operatorsBankruptcyGreeceAssociation of Greek Tourism Enterprises
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