While Athens’ debt looms, Berlin tourism booms

Global Business

Greece has requested a loan extension from its international creditors just days ahead of the end of its current bailout deal. That moves the country a step closer to staying in the Eurozone, but it’s not a done deal yet. CCTV’s Guy Henderson filed this report from Berlin.

While Athens’ debt looms, Berlin tourism booms

While Athens’ debt looms, Berlin tourism booms

Greece has requested a loan extension from its international creditors just days ahead of the end of its current bailout deal. That moves the country a step closer to staying in the Eurozone, but it’s not a done deal yet. CCTV’s Guy Henderson filed this report from Berlin.

The ongoing debt crisis in Europe has had upsides for its stronger economies like Germany for example with its tourism industry booming. There were times when New York City was the hippest place on Earth, but now many are saying it is. A city at its peak. 

“The prices are going up but it’s still pretty cheap compared to other cities. And as long as it is affordable for young people to come here and have a nice weekend and party, I think it’s gonna stay pretty well hip – huh!” said DJ Mitja, a local entertainer.

A record 75 million foreign visitors came to Germany in 2014 according to National Tourist Board figures.

If Europeans once flocked to the U.S. for cheap shopping sprees, maybe now it will be the other way around.

“We came here just to travel, we’re studying in Rome for this semester and it’s definitely cheaper than America because, you know, the euro’s crashing. It’s comparable in some ways but particularly food is a lot cheaper here,” said American tourist Devon Bateman.

The German government is now concerned about this because last year it introduced a cap on annual increases in rental properties, but market forces may level things out eventually.