The Greece Crisis means more affordable travel packages for Indians, tour and travel operator Cox & Kings told NDTV. Cash-strapped Greece is staring at the possibility of being shunted out of the euro zone. (With Default Looming, Europe Offers Greece a Last-Minute Deal)
“Weakening of euro means the packages become much more attractive and affordable for the Indian customers, thereby propelling demand,” said Anil Khandelwal, chief financial officer of Cox & Kings.
The rupee has appreciated around 8 per cent against the euro in the past 6 months, making Europe a cheaper destination for travellers. If a quick solution is not found to the Greece crisis, euro may weaken further against global currencies, analysts say.
The Greece crisis will also provide a boost to revenues, Cox & Kings said. “So a weak euro from an Indian business perspective actually means enhanced revenues for us,” Cox and Kings’ Mr Khandelwal said.
Cox & King’s rival Thomas Cook has also said that the Greece crisis is actually beneficial for Indian customers. The weakening of the euro on the back of the Greece crisis was anticipated for some time and Thomas Cook has been passing on the benefit of the depreciation of the euro or strengthening of the rupee to customers, its managing director Madhavan Menon told NDTV.
Greece put restrictions on ATM (automated teller machine) withdrawals and its banks will remain shut till July 6. (Greece Shuts Banks, Limits ATM Withdrawals)
On Tuesday, while the Cox & Kings stock ended 0.72 per cent down at Rs 234.50, Thomas Cook shares ended 0.50 per cent up at Rs 222.55.
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