Ad Age reports that in financially crisis-stricken Greece, most advertising campaigns have been temporarily suspended since June 29. According to Giorgos Vareloglou, Business Development Director at Isobar and iProspect (part of Dentsu Inc. Aegis Network Greece), some broadcasters, fearing a currency collapse, are refusing to accept broadcast fees and air advertisements. Even when advertisers are willing to pay, agencies reportedly refuse to accept funds until the future outlook becomes clearer. Advertisers, fearful of being drawn into the country's heated debates about its future, are also cutting back on social media spending.
Vareloglou states, "Our organization, part of a global network, has stable management and access to funding. Calm daily life will eventually return, and people will shop and drink beer. Life goes on, and crises often hide many opportunities."
Source: Ad Age
Crisis in Greece: Advertising Is Frozen But Some Consumers Spend
