Nearly 50% of the Young People in Greece and Spain Are Unemployed

The central and northern countries which crank out the goods are in neutral and so perhaps they aren's spending as much on their vacations down south.

Greece specially, accounting for 15% of GDP, is in a hole. Maybe the southern countries are less competitive vs. the central and northern Eurozone economies, this exacerbated by the Euro making Germany's exchange rate to the Euro weak while Greece's exchange rate to the Euro strong, relatively speaking.

They have structural problems. They have to learn to compete on the global marketplace -not just with sandy beaches.