/EINPresswire.com/ According to a New York Times story, Italy may be the next region to fall victim to Europe’s financial crisis. Gaia Banovich, a sales and business development executive, said that the global banking situation is not hurting luxury travel industries in the least.
Italy could be the next region to get entangled in Europe’s financial crisis, according to a New York Times article. With the threat of financial woe ahead, investors are wary to sell Italian stocks and bonds, especially since Spain’s banks took a bailout deal. Italian officials have individually expressed concern that the 100 billion euros, or $125 billion, Europe promised to Spanish banks will not be enough to stop the troubles from hitting other regions. Gaia Banovich, Executive Director of Membership Sales for Abercrombie & Kent Residence Club, a New York-based luxury destination club, said the financial crisis does not seem to be affecting travelers wanting to explore other countries, including Spain and Italy.
Recently, Italy’s main stock was Europe’s worst performer. But on that same day, American stocks hit rock bottom and investors flocked to American and government bonds for safe recourse. Many people fear Italy will not grow its way out of the recession in enough time to pay off its huge national debt. Also, Italy, with the third-largest euro zone economy after France and Germany, might have to take on some of the bailout bill as it deals with its own suffering economic crisis. Even worse, the country may have to borrow at high interest rates, just tacking on more money to an already mountainous debt. Gaia Banovich thinks that although the situation is obviously not ideal for Europe, it has not put much of a halt on the luxury industry.
“Taken as a whole, the global banking situation inspires little confidence for the cautious,” Gaia Banovich said. “Still, with the world lining up to buy dollars, and the cost of money at historic lows, perhaps now is not a good time to be on the sidelines. The luxury industries especially have been all but immune in the global downturn.”
Banovich believes now is the time for travelers to take advantage of the affordable deals in luxury destination industries, particularly since Italian government bonds are reaching the lowest levels in months. Italian 10-year government bonds climbed 0.26 of a percentage point Monday to just more than 6 percent. That is the highest level since January. The Spanish government’s 10-year bond did not fare much better with a 0.30 percentage point increase to 6.4 percent.
Gaia Banovich plans to continue monitoring the financial crisis in Europe to better serve clients seeking luxury destinations.
Gaia Banovich has 22 years of experience in the sales and business development industry. Currently, she is the Director of Membership Sales for Abercrombie & Kent Residence Club, a luxury destination club in New York. Banovich, of New York, received her bachelor’s degree in business administration from the University of Denver in Colorado. She is fluent in English, Croatian and Slovene and has working knowledge of the German language.
PR Courtesy of Online PR Media