WEBVTT - Greece's Minister Looks to Boost Tourism Ties With US

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<v Speaker 1>Bloomberg Audio Studios, Podcasts, radio News. This is Bloomberg Business

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<v Speaker 1>Week with Carol Messer and Tim Stenebek on Bloomberg Radio.

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<v Speaker 2>All Right, so I don't know about you, but at

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<v Speaker 2>certain points over the last couple of years, I know, Tim,

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<v Speaker 2>I've thought about going to Greece. I was just talking

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<v Speaker 2>to my daughter who's planning. She's overseas. That's on her

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<v Speaker 2>list before she heads back home here to New York.

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<v Speaker 2>And you open up your Instagram a lot and think

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<v Speaker 2>about it.

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<v Speaker 3>Yeah, trying not to open up my Instagram too much

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<v Speaker 3>because you know, hashtag fomo. But it does feel like

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<v Speaker 3>at certain points of the year, everyone in my feet

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<v Speaker 3>is either in Greece or Italy. Like, I don't know

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<v Speaker 3>what's going on. It's actually not our imagination here, Carol.

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<v Speaker 3>More Americans are going to Greece. In November of twenty

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<v Speaker 3>twenty three, tourists spending by US travelers increased by sixty

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<v Speaker 3>two point four percent to more than sixty five million euros.

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<v Speaker 2>A lot of folks in Greece wants even more Americans

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<v Speaker 2>to come and spend time and money in Greece. And

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<v Speaker 2>that's why Olga Kavaloyani, the country's Minister of Tourism is

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<v Speaker 2>here in the United States, she joins us, now here

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<v Speaker 2>in our Bloombergy Interactive Brokers Studio OGA. A pleasure to

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<v Speaker 2>have you here. First up, why are you in New York?

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<v Speaker 4>Well, thank you very much for hosting me, and thank

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<v Speaker 4>you very much for giving me the opportunity to talk

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<v Speaker 4>about what we're trying to do in terms of tourism

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<v Speaker 4>in Greece. Of course, American market is a very important

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<v Speaker 4>source market for Greek tourism, and twenty twenty three was

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<v Speaker 4>a record year for Greek tourism as a whole, but

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<v Speaker 4>both in terms of arrivals, also in terms of revenue,

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<v Speaker 4>and it was also a record year in terms of

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<v Speaker 4>Americans arriving in Greece and spending in Greece.

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<v Speaker 2>Show us the pie, like how much in terms of tourists,

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<v Speaker 2>how much are from America, how much are from elsewhere,

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<v Speaker 2>maybe from the European continent or so well.

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<v Speaker 4>The majority of our of our visitors are from European countries.

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<v Speaker 4>So we believe that there's a lot of room, you know,

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<v Speaker 4>for the increase from the American market. But you know,

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<v Speaker 4>up to a couple of years ago, we didn't even

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<v Speaker 4>have a direct connection, so this was actually an impediment.

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<v Speaker 4>So nowadays we have direct connections through New York, Boston

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<v Speaker 4>and Chicago and this year twenty twenty four will be

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<v Speaker 4>having even more connections. So I think direct flights are.

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<v Speaker 3>So there were no direct flights.

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<v Speaker 4>There were direct flights, but they were not year round,

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<v Speaker 4>so they were very seasonal.

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<v Speaker 3>So what do you think when a person, when an

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<v Speaker 3>American is making the choice about where to go on

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<v Speaker 3>vacation and they're choosing, like they're in, you know, in

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<v Speaker 3>that stage where they're planning that trip, what prevents them

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<v Speaker 3>from choosing Greece? Like what's the barrier that they need

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<v Speaker 3>to get over?

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<v Speaker 4>Well, first of all, I think that connectivity is very important,

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<v Speaker 4>so we are very happy that nowadays there is more

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<v Speaker 4>of a direct connection through a lot of airlines. But

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<v Speaker 4>I think that an embediment, if this is a correct

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<v Speaker 4>let's say word, would be that Greece is mostly associated

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<v Speaker 4>with summer vacations. So Greece is always associated with the

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<v Speaker 4>Greek Islands, a beach, vacation, sea and sun, and there

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<v Speaker 4>is a lot more in Greece than just that. So

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<v Speaker 4>what we are trying to do is extended season and

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<v Speaker 4>promote Greece as a year round destination for Americans throughout

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<v Speaker 4>the States, because it's not just the East Coast, it's

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<v Speaker 4>also the West Coast and all the other parts of

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<v Speaker 4>America that well.

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<v Speaker 2>Remind us about the weather in Greece, because it is true,

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<v Speaker 2>like when I'm thinking about when traveling, or I know

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<v Speaker 2>my daughter she was looking when did some overseas traveling

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<v Speaker 2>in December and talked about Greece, and I'm like, I

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<v Speaker 2>think it's kind of cold there in December. But give

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<v Speaker 2>us an idea so as you make it year round.

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<v Speaker 2>I mean, the weather is supportive of doing what in December,

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<v Speaker 2>or give us an idea of how you're thinking about

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<v Speaker 2>that year round approach.

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<v Speaker 4>Well, when we're talking about the year round approach, that

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<v Speaker 4>means that, of course you can have year round beach vacation,

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<v Speaker 4>but the weather is very moderate year round, so you

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<v Speaker 4>would have a very nice experience in the countryside the

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<v Speaker 4>mainland Greece, mountainous areas, and you can have some activities

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<v Speaker 4>outdoors in the nature like trekking, rafting for anyone who's

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<v Speaker 4>interested in astronomy. Of course, Greece is associated with really

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<v Speaker 4>good food, so I think that you would find like

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<v Speaker 4>a Michelin Star restaurants in Athens, but also super super

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<v Speaker 4>cute and super nice at awareness in all parts of Greece.

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<v Speaker 3>We had an executive from a real estate firm based

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<v Speaker 3>in Texas on a few weeks ago, and he's a

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<v Speaker 3>New Yorker but moved to Texas to become a CEO

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<v Speaker 3>of this job. He's of this company, and he told

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<v Speaker 3>us we're asking him what he missed about New York,

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<v Speaker 3>and he was like, I can't get any good Greek

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<v Speaker 3>food in Texas, like in the entire state. He's like,

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<v Speaker 3>when I come to New York, the first thing I

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<v Speaker 3>do is like, goo, get some Greek food, not of

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<v Speaker 3>course saying it's anything close to what you find in.

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<v Speaker 4>Greece, but yeah, but you know, like even you know,

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<v Speaker 4>for us, when we are in a Greek island and

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<v Speaker 4>we have the fish that is just like caught fresh

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<v Speaker 4>fish and it's just grilled fish. You don't really need

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<v Speaker 4>to have a lot of seasoning or you know, like

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<v Speaker 4>very cooking in a very particular way. You just have

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<v Speaker 4>like very very good raw materials, and then you just

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<v Speaker 4>have like olive oil, Greek olive oil, and it's like

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<v Speaker 4>the best meal that you can have.

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<v Speaker 3>I'm sold. I want to talk a little bit about balance.

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<v Speaker 3>Though tourism is certainly important, but also maintaining historical significance,

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<v Speaker 3>maintaining artifacts and making sure that the place doesn't overrun

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<v Speaker 3>with tourists. How do you find that balance.

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<v Speaker 4>Well, it's actually the biggest challenge right now, and this

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<v Speaker 4>is why I'm as a minister. I'm always talking about,

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<v Speaker 4>you know, like the new era for Greek tourism, which

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<v Speaker 4>takes local communities needs into and to you know, significance

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<v Speaker 4>when it comes you know, to planning. Because we see that,

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<v Speaker 4>of course tourism is a very big source of revenue

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<v Speaker 4>for the local economy. It's also a very big generator

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<v Speaker 4>of jobs. For Greece. Tourism represents almost twenty percent of GDP,

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<v Speaker 4>both in terms of direct and indirect contribution, so you

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<v Speaker 4>see this is a very important economic activity. But at

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<v Speaker 4>the same time we see that there's a lot of

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<v Speaker 4>pressure to the local communities and of course we really

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<v Speaker 4>need to to protect and preserve our natural environment, our

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<v Speaker 4>cultural environment.

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<v Speaker 2>When you're blue economy, I have to say I am obsessed.

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<v Speaker 2>I'm a sailor and my husband I are obsessed with

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<v Speaker 2>some of the YouTubers that sail the world and they

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<v Speaker 2>spend a lot of time in the Mediterranian and certainly

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<v Speaker 2>in your neighborhood and at your home, and that economy

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<v Speaker 2>in terms of supporting fishermen, the ocean economy, the blue

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<v Speaker 2>economy is so important. So just to you know, kind

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<v Speaker 2>of push a little bit more on and what Tim

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<v Speaker 2>was asking about, like that economy, you want to make

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<v Speaker 2>sure that doesn't come undone by a mass, you know,

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<v Speaker 2>move of tourists into the area that maybe it can occur,

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<v Speaker 2>because I see it in areas around the world as

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<v Speaker 2>a diver, like just whether it's cruising or cruise ships

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<v Speaker 2>or just over development that just really messes up the

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<v Speaker 2>ocean economy and then impacts a country or I.

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<v Speaker 4>Couldn't agree with you more. This is why our strategy

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<v Speaker 4>is focused on sustainability, and we take sustainability when it

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<v Speaker 4>comes to the marine environment very very seriously. This is

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<v Speaker 4>why we just founded this observatory for Marathion and coastal

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<v Speaker 4>tourism in the middle of the Rain region. So we

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<v Speaker 4>did this and collaboration with the UN World Tourism Organization.

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<v Speaker 4>So Greece, let's say we'll be in the forefront of

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<v Speaker 4>preserving the coastal and the maritime environment in the Mediterranean,

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<v Speaker 4>because of course it's very important for all insular nations

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<v Speaker 4>and coastal nations to preserve the marine environment. So in

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<v Speaker 4>this respect, of course, we are reviewing our strategy when

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<v Speaker 4>it comes, let say, to cruise ships, because I know

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<v Speaker 4>that you guys perspect a little bit. I know that

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<v Speaker 4>it's a big interest into the American market. But you know,

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<v Speaker 4>at the same time, we cannot be having so many

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<v Speaker 4>cruise ships, so many large cruise ships in Greece, so

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<v Speaker 4>we are thinking of, you know, applying some quota and

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<v Speaker 4>having a more strict birth allocation system. So I think

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<v Speaker 4>we should find, as you said before, the correct balance.

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<v Speaker 4>So we need the revenue, but at the same time,

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<v Speaker 4>we need to preserve what makes us really unique and

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<v Speaker 4>authentic and attractive, you know as a destination.

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<v Speaker 3>Thirty seconds and then we're going to do some news

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<v Speaker 3>and we're going to come back. But what is specifically

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<v Speaker 3>about the cruise operators do you find that you need

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<v Speaker 3>to push back on.

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<v Speaker 4>Well, you see that especially in some of the very

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<v Speaker 4>very popular islands such as Mikonos and Santorini, it becomes

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<v Speaker 4>very frustrating even for visitors who are on the island

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<v Speaker 4>and also for the islanders. So we really need to

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<v Speaker 4>find the right balance. And of course I understand, you

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<v Speaker 4>know that there are people who really enjoy cruising, but

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<v Speaker 4>then again you need to have everything in proportion. Let's say,

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<v Speaker 4>you know, like Greece is a smaller country, so we

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<v Speaker 4>need to have proportionate and balanced approach to things.

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<v Speaker 3>Carol Master and Tim Stanoviek here and the two of

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<v Speaker 3>us are really just planning our next adventure.

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<v Speaker 2>We've been googling left and right. Yeah, we're been putting

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<v Speaker 2>up with our googling of like all things Greece.

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<v Speaker 3>Yeah, we're going to Greece. And the reason we're talking

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<v Speaker 3>about Greece is because we have with us right now,

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<v Speaker 3>Country's Minister of Tourism, Olga Kefaloyani. She joins us here

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<v Speaker 3>in the Bloomberg Interactive Brokers studio. So, Olga, we're we're

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<v Speaker 3>looking at all different places we could go in Greece.

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<v Speaker 3>We're already excited to play on our trip. I want

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<v Speaker 3>to talk about costs. You're here in New York. You

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<v Speaker 3>were telling us what we were doing, news that it's

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<v Speaker 3>shockingly expensive to.

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<v Speaker 4>Be here, and I'm sorry I can say that.

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<v Speaker 3>Yeah, say whatever you want, Like really, I just won't

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<v Speaker 3>be used to anyone? Is it? Everything?

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<v Speaker 4>I used to live here twenty years ago? So it's

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<v Speaker 4>not like I haven't been used to like New York

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<v Speaker 4>being quite expensive compared to other places. But I think

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<v Speaker 4>that nowadays it's like super super expensive.

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<v Speaker 2>Everything are you doing about hotels?

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<v Speaker 1>Food?

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<v Speaker 2>Everything?

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<v Speaker 4>Especially food? I mean compared to the prices that you

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<v Speaker 4>would have in Athens. So for the prices that you

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<v Speaker 4>would pay here for you know, relatively mediocre restaurant, plenty

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<v Speaker 4>of fis, you would have the same let's say price

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<v Speaker 4>in a Michelin Star restaurant in Athens, So you understand

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<v Speaker 4>that the quality that you pay is, you know, not comparable.

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<v Speaker 3>What about lodging? When it comes to paying for a hotel?

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<v Speaker 3>What should what's the range?

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<v Speaker 4>Well, you know, the good thing is that there's a

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<v Speaker 4>very big offering. So I think that depending on your budget,

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<v Speaker 4>you can find you know, something that's equivalent, you know,

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<v Speaker 4>to what you want to spend.

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<v Speaker 3>How do you, as Minister of Tourism think about a

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<v Speaker 3>company like Airbnb, because they're pretty it's pretty controversial. There

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<v Speaker 3>are some folks who in governments who don't like it

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<v Speaker 3>because they think that it displaces housing for people who

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<v Speaker 3>live in areas and drives up the price of housing.

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<v Speaker 3>How are you thinking about.

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<v Speaker 4>It, Well, it's true that it's you know, it's a

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<v Speaker 4>challenge nowadays, you know, finding again the word is the

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<v Speaker 4>right balance, because of course we understand that there are

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<v Speaker 4>a lot of people who would only look into this

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<v Speaker 4>kind of accommodation that you know, they wouldn't go to

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<v Speaker 4>a hotel, so they would look for short term rentals

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<v Speaker 4>for their vacation. So as a country that appeals to

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<v Speaker 4>a lot of people, you of course need to have

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<v Speaker 4>all sorts of so the whole range of the offering

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<v Speaker 4>when it comes to accommodation, so both hotels and also

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<v Speaker 4>the short term rentals. Well at the same time, if

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<v Speaker 4>you do not have a framework, then of course this

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<v Speaker 4>creates a lot of i would say social issues, especially

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<v Speaker 4>when it comes to prices for locals, so for accommodation

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<v Speaker 4>for locals. I'm also a member of Parliament, so I

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<v Speaker 4>present Athens and we see that you know, in the

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<v Speaker 4>recent years, some very nice neighborhoods that used to be

0:12:54.440 --> 0:13:00.640
<v Speaker 4>like full of younger people are now younger Greek people

0:13:01.800 --> 0:13:06.040
<v Speaker 4>are now no longer residential areas because they're very near

0:13:06.120 --> 0:13:08.600
<v Speaker 4>the acropolis. So it was you know, it made much

0:13:08.640 --> 0:13:13.520
<v Speaker 4>more sense for people to just rent their apartments for

0:13:13.880 --> 0:13:18.920
<v Speaker 4>visitors through these platforms Airbnb and other platforms for short

0:13:18.960 --> 0:13:25.359
<v Speaker 4>term rentals. So nowadays we have a stricter framework and

0:13:25.360 --> 0:13:27.920
<v Speaker 4>and really we try to have a very balanced approach

0:13:28.120 --> 0:13:31.480
<v Speaker 4>because again we understand that this is something that appeals

0:13:31.520 --> 0:13:33.920
<v Speaker 4>to a lot of visitors, but at the same time

0:13:34.360 --> 0:13:38.120
<v Speaker 4>we also need to have both the revenue, the correct revenue,

0:13:38.840 --> 0:13:41.839
<v Speaker 4>and also, uh, you know, we don't need to have

0:13:41.960 --> 0:13:45.480
<v Speaker 4>like the unfair competition to hotels, which you know, I

0:13:45.559 --> 0:13:48.880
<v Speaker 4>have to go under a lot of scrutiny when it comes,

0:13:48.880 --> 0:13:52.079
<v Speaker 4>you know, to the Ministry of Tourism controls and little

0:13:52.080 --> 0:13:54.559
<v Speaker 4>frameworks for their the way that they operate.

0:13:54.720 --> 0:13:56.360
<v Speaker 2>Okay, I want to go back to what your mission

0:13:56.400 --> 0:13:59.920
<v Speaker 2>is to really expand tourism. Summer check, you got it down.

0:14:00.000 --> 0:14:01.440
<v Speaker 2>There's lots of people who come in, but you'd like

0:14:01.480 --> 0:14:05.040
<v Speaker 2>to expand it throughout the year. And what's interesting is

0:14:05.160 --> 0:14:07.960
<v Speaker 2>your Prime Minister was on with our TV colleagues in

0:14:08.000 --> 0:14:11.040
<v Speaker 2>the fall and specifically he made the point that you know,

0:14:11.160 --> 0:14:15.520
<v Speaker 2>part of the reason that you guys can expand potentially

0:14:15.840 --> 0:14:19.400
<v Speaker 2>your tourist season is because of climate change, right that

0:14:19.440 --> 0:14:23.040
<v Speaker 2>it's impacting a little bit the environment, you know, so

0:14:23.160 --> 0:14:26.160
<v Speaker 2>that's kind of an unforeseen I don't want to say benefit,

0:14:26.200 --> 0:14:28.360
<v Speaker 2>but right because of what's happening, or you're just seeing

0:14:28.400 --> 0:14:30.560
<v Speaker 2>warming right throughout the year.

0:14:31.560 --> 0:14:36.600
<v Speaker 4>Well, you know, the climate crisis, I think is an

0:14:36.600 --> 0:14:39.640
<v Speaker 4>issue for everyone to address, you know, in a very

0:14:39.800 --> 0:14:45.160
<v Speaker 4>very strict manner. So I understand that there's a silver

0:14:45.320 --> 0:14:48.200
<v Speaker 4>lining for everything, but I think that the most important

0:14:48.240 --> 0:14:50.840
<v Speaker 4>thing is, you know, to really address the impact of

0:14:51.760 --> 0:14:54.800
<v Speaker 4>the climate crisis and really for every country to do

0:14:54.880 --> 0:15:00.960
<v Speaker 4>whatever they can to reverse the the effect that we

0:15:01.000 --> 0:15:03.880
<v Speaker 4>see in the environment. And I think that this is

0:15:03.920 --> 0:15:06.320
<v Speaker 4>important for us, it's important for our children and the

0:15:06.320 --> 0:15:08.880
<v Speaker 4>future generations. So I think that all of us have

0:15:08.920 --> 0:15:12.200
<v Speaker 4>a very big responsibility when it comes to to the

0:15:12.280 --> 0:15:18.200
<v Speaker 4>environment and the climate. So Greece has a very strict,

0:15:18.640 --> 0:15:22.840
<v Speaker 4>let's say, legislative process right now when it comes to

0:15:22.880 --> 0:15:28.320
<v Speaker 4>the environment and environmental protection, and we have a plan

0:15:28.440 --> 0:15:32.720
<v Speaker 4>for having all our hotels sustainable by twenty thirty. So

0:15:33.200 --> 0:15:36.280
<v Speaker 4>this is the most important thing for us that we

0:15:36.400 --> 0:15:39.920
<v Speaker 4>see the climate crisis as an obligation for all of

0:15:40.000 --> 0:15:42.560
<v Speaker 4>us to do something differently. And I think that this

0:15:42.840 --> 0:15:47.560
<v Speaker 4>is also something that our visitors are considering when they

0:15:47.640 --> 0:15:54.160
<v Speaker 4>make their bookings, because you know, the carbon footprint and

0:15:52.080 --> 0:15:58.600
<v Speaker 4>you're traveling would do to the environment is also something

0:15:58.600 --> 0:16:02.360
<v Speaker 4>that is of sederation to a lot of people nowadays. Right,

0:16:02.480 --> 0:16:06.200
<v Speaker 4>So I think that we have to do our part

0:16:06.600 --> 0:16:08.720
<v Speaker 4>of the responsibility.

0:16:08.800 --> 0:16:10.520
<v Speaker 2>Reality. No, but I guess what I'm just saying, like

0:16:10.520 --> 0:16:13.400
<v Speaker 2>the reality of not pointing fingers, I mean, the reality

0:16:13.400 --> 0:16:15.480
<v Speaker 2>of we talk to vineyards all the time, right, and

0:16:15.520 --> 0:16:17.960
<v Speaker 2>maybe they're shifting where they're growing because climate change is

0:16:18.040 --> 0:16:20.600
<v Speaker 2>just made a reality if you can't crow here anymore,

0:16:20.600 --> 0:16:23.400
<v Speaker 2>and the same thing, you know, for you guys, or

0:16:23.400 --> 0:16:26.280
<v Speaker 2>for any country, right they're looking at Okay, it's warmer.

0:16:26.360 --> 0:16:29.120
<v Speaker 2>What does that mean potentially that we maybe have a

0:16:29.160 --> 0:16:32.960
<v Speaker 2>longer growing season or a longer tourist season, right. I mean,

0:16:33.000 --> 0:16:35.080
<v Speaker 2>it's just kind of the reality of it.

0:16:35.200 --> 0:16:38.400
<v Speaker 4>Unfortunately, Yes, I understand, but yeah, but on the other hand,

0:16:38.440 --> 0:16:41.160
<v Speaker 4>you know, we really, especially politicians, we really have to

0:16:41.200 --> 0:16:43.040
<v Speaker 4>be very firm when it comes, you know, to what

0:16:43.160 --> 0:16:45.800
<v Speaker 4>we really have to do in order to reverse these

0:16:47.080 --> 0:16:50.760
<v Speaker 4>very negative results to the environment. So this is why

0:16:51.000 --> 0:16:53.200
<v Speaker 4>I really feel that I have to make this point

0:16:53.280 --> 0:16:55.400
<v Speaker 4>and also as a minister, I have to make sure

0:16:55.440 --> 0:17:01.760
<v Speaker 4>that especially tourism is really sustainable. But when we're talking

0:17:01.760 --> 0:17:04.960
<v Speaker 4>about extending the season, we're not talking only about you know,

0:17:05.000 --> 0:17:07.479
<v Speaker 4>the weather and the fact that it's you know, moderate

0:17:07.520 --> 0:17:10.800
<v Speaker 4>year round. It's also that you can have these amazing

0:17:10.840 --> 0:17:16.040
<v Speaker 4>experiences in Greece year round. And you know, actually for me,

0:17:17.280 --> 0:17:19.840
<v Speaker 4>I would say that, especially for people who are interested

0:17:19.880 --> 0:17:23.879
<v Speaker 4>in culture, it's much much better to enjoy all these

0:17:23.920 --> 0:17:28.080
<v Speaker 4>amazing sites, you know, like two thousand and five year

0:17:28.119 --> 0:17:34.199
<v Speaker 4>old sides outside the summer season, because why would you

0:17:34.240 --> 0:17:37.000
<v Speaker 4>go there, you know, like when it's forty five degrees

0:17:37.520 --> 0:17:40.679
<v Speaker 4>celsius and not go when it's much much nicer. And

0:17:40.720 --> 0:17:43.320
<v Speaker 4>then you can also enjoy the wineries. You can also

0:17:43.480 --> 0:17:47.119
<v Speaker 4>enjoy all sorts of other activities in Greece, especially also

0:17:47.440 --> 0:17:50.119
<v Speaker 4>for some people who are interested in skiing. You have

0:17:50.240 --> 0:17:53.760
<v Speaker 4>to know that there are ski resorts in Greece. We

0:17:53.840 --> 0:17:58.640
<v Speaker 4>are upgrading the ski facilities right now. And I'm from Crete,

0:17:58.680 --> 0:18:01.840
<v Speaker 4>and you know, could have like you could skip but

0:18:02.000 --> 0:18:04.280
<v Speaker 4>off base, okay, and then you can go to the ocean.

0:18:04.400 --> 0:18:07.760
<v Speaker 2>We have to run, We have to run. Olga Kea Oliani,

0:18:08.080 --> 0:18:10.239
<v Speaker 2>she is the Minister of Tourism in Greece, joining us

0:18:10.240 --> 0:18:10.920
<v Speaker 2>here in studio