Canada and Greece have about as much in common as maple syrup and olive oil. The snowier country is overly obsessed with balanced budgets, while the Mediterranean one is paying a heavy price for decades of profligacy. But there is one thing the two countries share: both will be leaning on tourists to help them out of their economic doldrums.
This isn’t new for Greece. Its beaches long have been the centre of its economy; filling them will be crucial to the country’s economic recovery. The sight of Canada—a big, diversified economy based on oil, grain, banking and automobiles—looks somewhat desperate. Yet it was tourism that the Bank of Canada recently held up as evidence that better days were at hand and that its ultra-low-interest-rate policy was working.