Greece is losing.

According to Greek hoteliers, the last two weeks have been stunningly unprofitable for Athens hotels: more than twenty thousand hotel reservations have been canceled. Tourism is one of the main budget items of Greece (17 percent of GDP is accounted for by this industry). A fifth of the population is employed in this sector. A decrease in the number of holidaymakers can severely undermine the economy of Greece, which is now in a “pre-default” state. The external debt of the state is 120% of GDP. Such debt can lead to the collapse of the single European currency. On the fifth of May, demonstrations took place in Athens, with more than a hundred thousand people on the streets. Cuts in pensions, salaries, and the abolition of bonuses (and such are the consequences of issuing a loan to Greece that will help avoid default) naturally cause discontent among the population. And the rallies that took place two weeks ago on this issue turned into riots.