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The Deputy Ministry of Tourism, in cooperation with the tourism industry bodies and the affected businesses, is monitoring and evaluating the situation arising in our tourism industry from the bankruptcy of the German Tour Operator "FTI". This is a large and historic tourism group, which yesterday filed an insolvency petition with the German authorities, as a consequence of the financial losses recorded in recent years.
From the available data it appears that there are currently 906 visitors in Cyprus, customers of the companies of the "FTI" Group, mainly from Germany and Austria. The stay of all affected visitors continues unhindered, while no problem arises with regard to their repatriation after the end of their holidays.
Affected customers of the Tour Operator "FTI" are advised to consult the announcements of both the "FTI" Group itself and their governmental authorities regarding the compensation procedures from available Insolvency Funds in their countries of residence and the rescheduling of their reservations.
Although the bankruptcy of this particular Tour Operator is a negative development for tourism in our country, as it is a continuation of other negative international developments, the magnitude of the impact is not expected to be particularly significant, given the extent of its presence in the Cypriot tourism market. However, it is certainly a serious loss for the hotel businesses that had cooperation with this Tour Operator.
The Deputy Ministry of Tourism continues to assess the situation and will take all appropriate actions to minimize any impact.
(AFP/EP/AF)
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