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A bad deal for Greece could be a bargain for tourists there
Greece's economic crisis has major implications for EU and the euro. If you were planning on vacationing along the Mediterranean, that might not be such a bad thing. - photo by Omar Etman
The financial debacle that is Greece may not be so gloomy for one sector of its beleagured economy: tourism.

"What Greece needs now, more than ever, are tourism dollars so don't cancel your trip just yet," Cond Nast Traveler advised.

With the euro expected to reach parity with the dollar for the first time, now is a great time to plan a trip to Greece. Think of the trip as a win-win: You get a luxury vacation at a reduced cost The Guardian reported that holidays to Greece are being had at discounts of up to 70 percent and Greece gets an injection of money.

If you do find yourself headed to Greece, experts recommend bringing cash, according to CNN Money. Banks across the country remain closed pending approval of the Greek parliament. Foreign credit cards should still work.

Greece and its creditors reached an agreement Monday, the third in five years, aimed at keeping the Mediterranean countrys crumbling economy from sinking the eurozone.

The agreement is not final official negotiations will begin if the Greek parliament accepts a series of austerity reforms, which is likely, according to The New York Times. Until then, Greece's banking system remains frozen.

Until that changes, tourists could find it difficult to buy esstentials while on holiday in Greece.

"Earlier this month, British holidaymakers in Greece were warned they would be unable to buy food or medicine within days if a deal was not reached to reopen the banks," the Guardian article said.

Despite apparent benefits to foreign tourists, news outlets are blasting the agreement as bad for Greece.

The guiding notion behind the creation of the European Union was to resolve problems like this through consensus and cooperation, The Times wrote in a scathing editorial. Instead, the final 17-hour negotiating session was marked by acrimony not only between Greece and the European leaders, but also between Germany and France....

The EU is, according to The Wall Street Journals (paywall) Marcus Walker, a bloc built to foster peace and harmony that is now publicly threatening one of its own with ruination unless it surrenders.

In spite of disagreements, French President Franois Hollande, who played an important mediating role, according to The Times, was pleased. A deal has been reached, he tweeted. France was looking for one, wanted one. Greece will stay in the eurozone. Europe has won.

Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics, told the Associated Press that the new deal is a small victory. It puts emphasis on structural reforms, not short-term solutions, which is what he felt Greece needed.

"It was the best deal the Greeks could get," he said. "They did not do too badly given the terrible, terrible, disastrous starting point the current government put them in.

He worries, however, that Germany's strong-arm tactics will set a precedent that could impact the future of the euro, one of the world's best performing currencies.

Germanys gamesmanship is breaking a taboo that marks a significant, long-term change in the way the euro works, Kirkegaard said. The signal has now been sent that if you do not behave inside the euro, you may find yourself on the outside."
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