Greece financial crisis and prapay stay ?

 
Old Jun 29, 15, 9:24 am
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Greece financial crisis and prapay stay ?

We have in next 1.5 month booked SPG hotel in Greece on prepay condition, if thay will switch to drachma from euro - we will have all stay payed or they can told us new prices and ignore past payment ??
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Old Jun 29, 15, 9:32 am
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There won't be a currency conversion to drachma or anything else within one or two months, so you'll be fine. More importantly, has the money left your account? If yes, then consider yourself safe regardless of what happens.
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Old Jun 29, 15, 10:03 am
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If the reservation is confirmed in the legal currency at the time of booking, the hotel shouldn't be able to change the rate later, almost no matter what happens. Of course, if the hotel totally ceases to operate, the reservation of course would be cancelled.

I would think that if/when the currency is changed, existing reservations would be changed to the new currency at the official exchange rate at the time of the switch. IIRC this is what happened when a lot of Europe initially went onto the Euro.
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Old Jun 29, 15, 12:24 pm
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Just in case anyone wonders, foreign credit and debit cards are not subject on capital controls!

It's a good idea to bring cash, in case the situation gets worse, but currently foreign cards can be used for cash withdrawals from ATMs with no limit!
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Old Jun 29, 15, 12:53 pm
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An exit from the euro would be a process of years not days anyway, so there is not any issue for a reservation this summer.
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Old Jun 30, 15, 1:08 am
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Originally Posted by Nikolaos View Post
Just in case anyone wonders, foreign credit and debit cards are not subject on capital controls!

It's a good idea to bring cash, in case the situation gets worse, but currently foreign cards can be used for cash withdrawals from ATMs with no limit!
Yes, but how easy is it to find a functioning ATM machine (that has money) without long lines? It might only be a theoretical possibility that foreign residents can use foreign cards to wtihdraw cahs in Greece.
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Old Jun 30, 15, 9:32 am
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Originally Posted by MSPeconomist View Post
Yes, but how easy is it to find a functioning ATM machine (that has money) without long lines? It might only be a theoretical possibility that foreign residents can use foreign cards to wtihdraw cahs in Greece.
Despite the hype, there are plenty of reports from tourists that most ATM's they encounter have money. And the ones at the airport have money. And of course if you transit another airport in Europe you can get euros there. And plenty of other options.

And back to the OP, as mentioned there will be no change of currency in Greece for a loooong time. Maybe never. And if it ever does happen, Starwood hotels would continue to operate in dollars for a lengthy period due to the eventual volatility.
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