Greece financial crisis for travelers over . . . for now

In case you missed it, the Greek bailout was approved and the cash is again flowing into Greece. All is well for travelers for now.

For the Greek people, while the crisis is over, it will still be a long haul before life in Greece can return to “normal.”

That said, how long before another Greek financial crisis will erupt is unknown. If the previous loan balance was unsustainable for Greece, how does adding €86 billion of new debt make the financial situation in Greece sustainable for the future, especially with repayment terms imposed? It doesn't, in my opinion! Repeating past action which failed, and expecting it to be successful in the future is folly.

The IMF has taken a proactive sensible approach seeing the problem for what it is...unsustainable.

The IMF has refused to commit to any new loans for Greece until other Eurozone governments finally come to their senses and take concrete measures to reduce Greece's debt burden. Greece's debt is expected to reach more than 200% of GDP in the coming years, a level which could even destroy Germany's finances.

The Eurozone has about three years to figure this out, in my opinion, or in the spring or summer of 2018, travelers to Greece better have more cash available again, plus be ready for long lines and a scarcity of almost everything, as Greeks will have major problems again.

If Greece brings in a new anti-austerity government in the coming elections and self-opts-out of the current deal, then all bets are off.

Stay tuned to the continuing saga if you're planning to travel to the Greek wonderland. It's a marvelous place to visit, with an amazing heritage to show off, and those islands ... marvelous. But if another financial crisis hits, watch out!