German travel operator Tui draws up post-euro contracts for Greece

Discussion in 'Wall St. News' started by ASusilovic, Nov 6, 2011.

  1. Tui, the German travel operator, has written to Greek hoteliers asking that they agree to a contract amendment that spells out how they will honour financial obligations in the event that Greece leaves the single currency.

    “As a responsible, publicly listed company Tui seeks to avoid the possibility of any adverse effect from the currency or macroeconomic situation and plans accordingly,” a Tui spokesperson told the Financial Times, adding that the letter had been sent by the travel group’s Nordic unit.

    Andreas Andreadis, president of the Association of Greek Tourism Enterprises, told the newspaper that Greek hoteliers who received the letter would not sign the new contracts and that Tui should not put pressure on them to do so.