I'll trust your analysis, but how do you explain the extremely high prices nowadays? I went to a beach yesterday, and they wanted 75 EUR to rent an umbrella and two beds for a few hours. That's three days' wages for a Greek, how is this a low-margin business? Opex is minimal (basically bar staff), Capex is minimal (a bunch of beds and umbrellas), where's all the money going?

Maybe it's only hotels that are low-margin, with Airbnb being a competitor, but otherwise everything is too expensive for any Greek to afford to go on vacation in our own country any more. The money must be going somewhere.