The latest European Aviation structural changes have significant implications for the tourism industry and facilitate the formation of a new contractual arrangement among destination stakeholders. Greece has experienced full air transport liberalization since 1998 being a member of the European single aviation market. However, although there is a rise in the country's international tourism receipts this is not in line with arrivals growth and consequently per capita tourism receipts decrease. Given the unprecedented economic crisis faced by Greece today, it is very crucial to rationalize expenditure and make the best use of the very limited available public resources. An agreement under the defining aspects «Win -Win -Win» which has been developed among airports, airlines and destination authorities needs further economic and legal investigation. This chapter discusses the complex relationship that exists among the three stakeholders in the Greek marketplace. Section two emphasizes on Transaction Cost Economics (TCE) governing the triangular relation and reveals the interdependent conflicting and/or competing attachments of a transactional nature. The Greek travel and tourism sector dynamics under the current economic conditions are discussed in the third section; the important role of aviation in boosting international arrivals causing promising direct and indirect effects (enabling foreign investment, enhancing overall productivity etc.) in the direction of the country's recovery is outlined in conjunction with related institutional market changes. Finally, section four summarises and concludes.

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