Ackermann May Travel to Athens This Weekend for Greek Talks

February 02, 2012, 9:19 AM EST

By Aaron Kirchfeld and Nicholas Comfort

(Updates with comments on contagion in fourth paragraph.)

Feb. 2 (Bloomberg) — Deutsche Bank AG Chief Executive Officer Josef Ackermann said he’s confident a voluntary swap for Greek debt can be reached and that he may travel to Athens this weekend for the talks.

Private creditors are facing a loss in net present value of more than 70 percent and the focus is now on other parties “doing their part,” not financial firms, Ackermann said today in television interviews after a press conference in Frankfurt.

An agreement could be reached “in the coming weeks, maybe days,” said Ackermann, also chairman of the Institute of International Finance. The group, based in Washington, has more than 450 financial firms as members and is representing private creditors in the talks.

The Greek government needs to reach a deal with creditors and secure a second European Union-led bailout by March 20, when it faces a 14.5 billion-euro ($19.1 billion) bond payment. While Portugal can’t be compared to Greece, if Greece “fell” the western European country could be the next on the list in terms of contagion, Ackermann said.

The parties negotiating losses on Greek sovereign bonds are “no longer very far apart,” he said earlier today at a press conference where he presented Deutsche Bank’s earnings. A deal on creditors taking losses on Greek debt may reduce the risk of contagion in the euro area to a “very low level,” he said.

ECB’s Position

The European Central Bank will probably refuse to show its hand on how it will help cut Greece’s debt burden until investors and the government have agreed to a deal, according to economists from ING Group to Deutsche Bank.

The ECB has purchased 219 billion euros of debt-strapped nations’ bonds since 2010. Between 36 billion euros to 55 billion euros are invested in Greek sovereign debt, according to estimates by Barclays Capital and UBS AG.

“So much is on the line that everyone should make a contribution,” Ackermann said when asked if the ECB should participate. “I’m not naming any names.”

Bondholders negotiating a debt swap with Greece may get a sweetener tied to a revival in economic growth that would ease the impact of accepting a lower interest rate on the new bonds, people with knowledge of the talks said this week.

“Where we stand now is a net present value loss of 70 percent,” Ackermman said. “That’s a really attractive offer for Greece, but then a default would cost a lot more.”

–Editors: Steve Bailey, Jon Menon

To contact the reporters on this story: Aaron Kirchfeld in Frankfurt at [email protected]; Nicholas Comfort in Frankfurt at [email protected]

To contact the editor responsible for this story: Frank Connelly at [email protected]

Greece: European Central Bank, other central banks must be part of debt relief …

The ECB and European central banks have so far been exempt from a cut in the value of their Greek debt portfolios, estimated at more than €50 billion ($65 billion), to the annoyance of private bondholders who face an overall loss of about 70 percent.

The agreement, Venizelos said, must be struck by Monday, when finance ministers from the 17 countries using the euro meet in Brussels — although the date could be “slightly adjusted.”

“One of the major outstanding issues that must be solved … is to secure the terms of participation of the official sector, that is our European partners and the IMF … in the effort to reduce the Greek public debt,” Venizelos said.

Venizelos told a meeting of Socialist party deputies that Greece’s target of reducing its crushing debt to sustainable levels by 2020 “requires the completion of a parallel Official Sector Involvement” — beyond the €100 billion writedown all but concluded with private bondholders.

He added: “That means that the European Central Bank must be mobilized, that we must solve issues concerning national central banks, and we must resolve issues concerning the level of the interest rate” of the first, €110 billion ($144 billion) bailout that has been shielding Greece from bankruptcy for the past 20 months.

A European Union official said Greece needs about an extra €15 billion ($20 billion) to get its debt down to manageable levels, and the rest of the eurozone could have to make up the shortfall. The official spoke on condition of anonymity because of the sensitivity of the matter.

German Finance Minister Wolfgang Schaeuble said on n-tv television Thursday that he didn’t see the need for “any extra contributions from the public sector; we’re carrying everything anyway.” He didn’t address the issue of the €15 billion funding gap.

Athens is locked in tough talks on two fronts to ensure that it remains solvent, dodging the very real threat of a disorderly default — which could likely be followed by a Greek exit from the eurozone — when a big bond issue matures late next month.

On the one hand are the negotiations with banks, pension funds, hedge funds and other owners of devalued Greek government bonds, known as Private Sector Involvement. But the country’s coalition government also has to placate its European partners and the IMF that are urging deeper austerity cuts to release rescue loans from a second package agreed last year — but not yet finalized.

“There were ups and downs in the PSI talks because we, in reality, we’ve been forced to take part in a double negotiation,” Venizelos said.

How to save money in Greece on holiday

Smaller specialists

Islands of Greece (0845 675 2600;
specialises in island-hopping in the Cyclades and Sporades. Ios is a new
addition this year.

Sunvil Holidays (020 8758 4758;
offers small hotels and apartments in more than 30 islands plus mainland
destinations. New for 2012 is the Aegean island of Thassos.

Ionian Aegean Island Holidays (020 8459 0777;
offers small hotels and self-catering in around 10 islands plus mainland

Greek Sun Holidays (01732 740317;
is a long-standing island specialist focusing mainly on the Cyclades,
Dodecanese and the north-east Aegean.

Hidden Greece (020 8758 4707;
offers a variety of smaller, lesser-known islands. The Dodecanese islands of
Astypalea and Pserimos are new for this year.

Villa rentals

CV Travel (020 7401 1026;
offers a high standard of villas in Corfu, Paxos, Kefalonia and other
islands. Smaller groups of people booking larger properties sometimes
qualify for cheaper rates.

Pure Crete (0845 070 1571;
offers an interesting collection of restored houses in western Crete.

GIC – The Villa Collection (020 8232 9780; gicthevilla
) has a stylish portfolio of more than 200 properties in
the Aegean and Ionian Islands.

Vintage Travel (01954 261431;
has villas with private pools in Corfu, Crete, Kefalonia, the Peloponnese,
Rhodes and Skopelos. Eighteen new properties this year.

Direct bookings with owners can work out cheaper than going through an agency,
although offer less protection if things go wrong. HomeAway Holiday
handles more than 3,360 properties in Greece;
has more than 1,100;
lists apartments, villas and b bs; and Villarenters
( handles around 630 villas in Greece with the largest
choice on Crete.

Cultural holidays

Benefits of top-of-the-range escorted cultural tours include small groups and
high standards of expertise among lecturers, but this comes at a price.

Peter Sommer Travels (01600 888220;
offers two tours including a 15-day cruise in the Cyclades in May for £3,675
per person.

The 10-day Classical Greece tours offered by Martin Randall Travel (020
8742 3355; martin
) start at £3,320.

Expect to pay similar rates for tours offered by The Traveller (020
7269 2770;

More competitive options are available through Andante Travels (01722
which has a cheaper “Bare Bones” programme. A seven-day tour of
Athens costs £995 per person, including flights.

Of the budget, large-group touring-coach holidays, the most extensive
programme is offered by Page Moy (0870 833 4012;
and its sister company Travelsphere (0870 240 2426;

Holidays on the water

Sailing Holidays (020 8459 8787;
is one of the longest-established independent flotilla holiday companies,
operating in the Ionian and Saronic Islands, plus newly launched Sporades
Island route. Prices for a peak week start at £865 per person including
flights, transfers and diesel. Couples can cut costs by opting for its “Pot
Luck” arrangement, where you share a four-berth yacht with another pair.

Sailing specialist Sunsail (0844 463 6578;
offers yacht charter, flotilla or beach club in Vounaki in the southern
Ionian. Gulet holidays offered by Daydreams (01884 849200;
around the northern and southern Dodecanese islands (14 nights £1,669 full
board, plus flights and port charges).

Beach clubs

Neilson (0845 070 3460;
has clubs in Halkidiki, Lemnos, Lesvos, Sivota and Vassiliki.

Mark Warner (0871 703 3887;
operates in Kos, Rhodes and Kalamata. Peligoni Club (020 8740 3001;
offers watersports on the north coast of Zakynthos.

Active holidays

Ramblers Holidays (01707 331133;
offers some of the lowest-priced walking holidays, as well as the largest
range of destinations, including islands in the Cyclades, Sporades,
Dodecanese and Aegean, starting at £789 per person, including flights. Some
itineraries are combined with bird watching.

HF Holidays (0845 470 7558,
has a new guided walking and sightseeing holiday on the island of Rhodes. £
Walking specialist Headwater (01606 720199;
offers a week-long independent “Coastal Crete” walk in May,
September and October, starting from £1,149 half board, including flights.

Authentic Adventures (01453 823328;
specialises in painting, photography and walking holidays on Santorini and,
new for 2012, Ithaca. £ You can fly direct to many of Greece’s best-known
holiday islands from many regional UK airports. Use Skyscanner (
or Jumblefly (
to work out the best-value route departing from your nearest airport, saving
travel costs to London.

Mainland destinations with British Airways (
are Gatwick to Thessaloniki (from £176.20) and Heathrow to Athens (from
£155.45). Aegean Airlines (0871 200 0040;
operates from Heathrow to Athens.

EasyJet (
offers competitive fares to Athens, Crete, Corfu, Mykonos, Thessaloniki,
Rhodes and Santorini, plus a new service to Kefalonia from various UK
airports including Gatwick, Edinburgh, Manchester, Luton, Bristol and

Cheapest fares are to Corfu, starting at £47.88 return. If you’re based in the
Midlands or North of the UK, consider (
which flies to Corfu, Rhodes, Kos and Crete, operating from five UK airports.

The best strategy is to book early to get cheapest fares. Even now, prices are
beginning to rise for peak season. Ryanair (,
which operates flights to Corfu, Crete, Kos and Rhodes, is currently
charging £184 per person Stansted to Crete for Saturday to Saturday
departures after schools break up in late July. This compares to £121 in
June and £95.98 in May. Note you have to add checked-in bag costs of £15-£50
per leg to Ryanair’s fares.

The biggest choice of both airports and destinations is offered by the charter
flights companies, which start operating in April and May. Nearly two dozen
departure points are offered by Thomson Airways (

A similar choice is available through Thomas Cook Airlines (,
Monarch Airlines (
and Olympic Holidays (0844 576 2386;

Also consider Swedish airline Torair (,
which offers a wide range of island destinations from Birmingham, Gatwick
and Manchester.

The Charter Flight Centre (0844 050 0100;
can help find best deals.

Domestic travel

Olympic Air (
and Aegean Airlines (see above) offer the largest network of domestic
flights. Based in Heraklion in Crete, Sky Express ( flies
small planes to a wide range of other island destinations. Higher fuel
prices are pushing ferry fares up, but travelling by sea is usually a cheaper option than internal flights. See schedules on the Greek Travel
Pages ( or the Greek
National Tourism Organisation (

Car hire

Car hire costs vary depending on where in Greece you are planning to holiday.
The cheapest car available from Rhodes airport or from Chania (Crete) costs
£163 for a week’s hire in the last week of July according to Holiday Autos,
compared to £201 from Corfu, Zakynthos, Mykonos or Santorini airport and
£207 for a week’s hire from Karpathos or Skiathos airport. £ For the
lowest-price hotel-based package holidays, pick a larger island with plenty
of accommodation such as Crete. Specialist operator Islands of Greece says
that here you can expect to pay around £519 b b per person per
week for mid-range hotel package in peak season, including flights and
transfers. This compares to high-season rates of around £769 for Santorini
and £880 in Mykonos. For the best value, travel outside the summer peak –
May to early July, September and early October – when package prices reduce
to around £530 b b per person per week.

For good-value self-catering accommodation, look for lesser-known regions.
Villa specialist GIC says Villa Electra on Kefalonia, which has a pool,
costs from £1,008 per person based on four sharing in July, with flights. By
contrast, a week’s stay at a similar-size property, the Senses Villa, also
with pool, in the resort of Sivota, on the lesser-known north-west mainland
coast of Epirus, starts at £710 per person.

Avoid fashionable coastal destinations. A villa sleeping four with a pool in
Nissaki, on the north-eastern coast of Corfu, costs £1,995 per week in
August through Vintage Travel. This compares to the peak price of £1,395 per
week for the same size and type of property in the south-western resort of
Halikouna – a less sought after part of the island. A small two-person
studio in the resort of Mochios on the north-eastern coast of Crete booked
through Hidden Greece will cost £796 per person for a fortnight’s stay
(including flights), compared to £995 each for a studio sleeping two near
better-known Chania, in the west of the island.

Greece specialist Sunvil recommends taking advantage of no-frills or charter
flights to Kos or Rhodes as a springboard to the smaller and better-value
Dodecanese islands of Halki, Lipsi, Leros, Tilos, Nisyros or Kalymnos, which
are linked to the more commercial islands by fast ferry services. You can
also hop to Paros or Antiparos from Mykonos – both as beautiful, but far
quieter and better value than its pricey neighbour.

From Athens you can get to the Cycladic islands of Kea (an hour by ferry) or
Serifos and Sifnos (around three hours by ferry from Piraeus).

Other islands to consider include Skiathos in the north-western Aegean, where
the quantity of self-catering options makes it good value for families, and
the eastern Aegean island of Samos, which has direct flights from the UK,
remote villages and uncrowded beaches.

If you don’t want to travel too far from Athens, avoid Nafplion, Hydra, Tolon
and Spetsai, where prices are pushed up by Greek weekenders. Try the island
of Agistri, which is better value, easy to get to from Athens and a good
base for visiting Epidauros. A week’s self-catering and flights at Rosy’s
Little Village through Hidden Greece peaks at £616 per person in Agistri
(based on two sharing in August), compared to £717 in Tolon.

Greece cultural tours, activity and special interest holidays

The Traveller (020 7269 2770;
Several group tours on scheduled dates to Greece, led by high-quality
lecturers, plus tailored trips and city breaks (Athens four days, £625 per
person) available on a tailor-made basis. New for 2011 is a two-week tour
called “With the Persians to Marathon”, marking the 2,500th
anniversary of the Persians’ invasion of Greece, tracing their route from
Delphi to Marathon, departing August 31, at £3,465 per person.

Westminster Classic Tours (020 8286 7842;
Offers Lesbos and Chios for the first time in 2011 with a new tour called “The
Northern Isles”. This takes place aboard a traditional gulet and
is led by Peter Jones, former Professor of Classics at Newcastle University,
with lectures by Andrew Hobson, Classics tutor at Magdalen College,
departing in late August, at £3,250 full board.

Larger groups – by coach or cruise

Archers Direct (0871 423 8638;
Offers a combined land-based “Greek Odyssey” tour with a week
cruising around the Greek islands and Turkish coast or Israel, Egypt and
Crete. There are virtually identical tours offered by affiliated company Cosmos
(0871 423 8636;

Insight Vacations (01475 741203;
Cruises of discovery and classical tours including seven-night “Glories
of Greece” from £950.

(0800 018 3883;
A Greek-owned cruise line, operating out of Piraeus (Athens) with good-value
options ranging from a three-night tour of the Aegean to a 10-night cruise
around the Greek Islands and through the Corinth Canal.

Milestones (0845 678 5656;
An island-hopping tour (based in Mykonos and Santorini) and others combining
Greece and Turkey.

Page Moy (0870 833 4012;
Eleven of its tours include Greece (some combined with neighbouring
countries). Ten-day “Treasures of Ancient Greece” starts at
£1,229. Six tours in or including Greece are also offered by its sister
company, Travelsphere (0870 240 2426;

Saga (0800 096 0074;
Tours, plus some stay-put hotel holidays. New for 2011 is 14-night “Taste
of the Greek Islands”, visiting Santorini, Paros, Mykonos, Naxos and
Delos. Prices start at £974 per person including flights and some meals. For
the over-fifties.

Voyages Jules Verne (0845 166 7035;
Nine-day voyage around the Cyclades on MS Galileo from £1,275, and an
11-night tour of ancient sites from £1,695.


Food and wine

Arblaster Clarke Wine Tours (01730 263111;
Has a new tour “Wines of Greece” visiting leading estates near
Athens and in the Peloponnese. Also combining visits to archaeological sites
at Olympia, Mycenae, Mistras and Monemvasia. £1,899 including flights, half
board, guide and tastings.

On the Menu (0870 899 8844;
Small village of Askeli on the island of Poros is the base for traditional
cookery courses at £1,330, with most meals. Flights extra.


Skyros Holidays (01983 865566;
Yoga, writing, wellbeing, music and arts courses at Atsitsa Bay.

Photography and Painting

Authentic Adventures (01453 823328;
Has added painting and walking to its photography course for 2011. These run
over the same September week, from £1,259 per person (walking) with full
board accommodation and five days of activities.


Friendship Travel (0871 200 2035;
Upmarket hotels and house party holidays on Paros, Rhodes and Mykonos.

Solo’s (0844 371 8860;
has increased its range of group holidays and has introduced the islands of
Crete and Evia, plus the west-coast resort of Parga for 2011. Accommodation
is in the three-star seafront Parga Beach Hotel, with prices starting at
£749 per week, half board, with flights, transfers and single use of a
double room.

Daydreams (01884 849200;
Private gulets or “house-party” style holidays for singles
(and couples) in small groups personally escorted by owner, Jenny Day.
Mostly Turkey, but also itineraries between Kos and Samos in the Dodecanese.

Nature tours

ACE (01223 835055;
Mid-April departure on its annual “Birds, Flowers and Minoans”
tour to Crete at £1,850 per person, with flights.

Limosa (01692 580623;
Long-established, single-centre birding holidays to Lesbos.

Ornitholidays (01794 519445;
Kos in May for bee-eaters and buntings, £1,499 per person in groups of up to
14. Also spring and autumn in Lesbos.

Naturetrek (01962 733051;
Continues with its existing programme to Greece with eight-day tours to
Crete in April and October, starting at £1,095. Also spring in Cyprus,
butterflies in southern Greece, autumn plants of the Peloponnese and a
10-day spring bird migration trip to Lesbos in April at £1,395. Tours
include half board, transport and flights.

The Travelling Naturalist (01305 267994;
Tours to Crete, Lesbos, Macedonia and the west coast in spring and early

Sunbird (01767 262522;
Lesbos only in late April at £1,270 plus flights.



Our selection

ATG Oxford (01865 315678;
Guided walking breaks to Crete, the Mani, and the Cyclades with
accommodation on Naxos and Santorini, departing April and September, at
£2,595 per person.

Headwater (01606 720199;
A seven-night, independent coastal walk in Crete costs from £919 per person,
departing in May, September and October, including flights, most meals and
written directions.

Inntravel (01653 617000;
Offers “Coast and Mountains” in Crete or the coastlines of Samos,
also island-hopping in the Dodecanese and a tour of the Peloponnese.

Pure Crete (0845 070 1571;
Offers five days of gentle walking over a week in April, May or October from
£730 per person with flights and transfers.

Other options

Exodus (0845 863 9600;
Continues to offer its eight-day holiday “Mountains and Villages of Evia”
from £869.

Explore (0844 499 0901;
Has four active Greek tours, including hiking in the Cyclades and a new
eight-day “Corfu Trail to the North” at £741 per person with
flights and guide.

HF Holidays (0845 470 7558;
Has expanded its programme with two additional walking holidays including
The Greek Cyclades, a seven-night holiday of guided walking and sightseeing
in Naxos from £789, half board. Also a seven-night “Discover Birds”
break on the island of Lesbos in April and September costs £889 per person
with flights, half-board hotel accommodation and guided birdwatching

KE Adventure Travel (01768 773966;
Is introducing an eight-day Crete Family Adventure in May and October
half-terms starting at £895 per person, plus flights, in addition to its
two, week-long trekking trips to Mount Olympus and White Mountains of Crete
(from £845).

Ramblers Holidays (01707 331133;
Combines walking and birdwatching on a new holiday in Lesbos to spot herons,
little bitterns, flamingo, storks and ibis. Prices start at £1,075 per
person. Also new is “Wild Crete”, a week taking in the Samaria
Gorge, Gingelas mountains and remote villages. From £799 per person. Both
tours include half board, flights, transfers and tour leader.

Sherpa Expeditions (020 8577 2717;
Self-guided inn-to-inn walks in Crete and Zagoria or escorted walks in the
Pindos Peak and Mount Olympus.

Walks Worldwide (01524 242000;
Ten or 15-day self-guided trail in Corfu from £535 per person, flights

World Walks (01242 254353;
Self-guided itineraries in Amorgós, Tinos, Avia and Crete. Option of a
guided walk on Naxos at £695 per person for a minimum of five people,
excluding flights and meals.

Other activities

Explore (0844 499 0901;
Five guided cultural tours, including an eight-day caique cruise around the
Aegean at £799 with flights, b b and three lunches, and a
two-week trip to the Peloponnese at £1,295 with flights and b b.

Real Holidays (020 7359 3938;
Cycling holidays on mainland Greece.

Ride World Wide (01837 82544;
Can arrange riding itineraries in the Pelion Peninsula for families or small
groups, staying in a small fishing village of Katigiorgis from £925 per
person, per week, including riding, guides, equipment, all meals and
Athens-Skiathos transfers. International flights are extra.

On the Water

Sailing and Flotillas

Our selection

Sailing Holidays (020 8459 8787;
Long-established company offering flotilla holidays in the Saronic and
Ionian Islands on one or two-week itineraries. Groups typically consist of
around 30 people and Beneteau, Bavaria and Jaguar yachts sleep from three to
10. New for 2011, flotillas will be exploring the Gulf of Amvrakia – the
only company to be operating in this quiet, unspoilt area.

Sunvil Sailing (020 8758 4780;
Yachting holidays on Lefkas, staying either on board or on land.
Learn-to-sail weeks start at £783 per person, sharing a cabin, with flights.
Flotilla, bareboat charter, villa-flotilla packages and day boat hire also

Travelux (01580 765000;
prices start at £1,189 per week for a three-berth yacht in the Ionian
Islands, with optional skipper fees of £850 if required. Villas also
available with nearby moorings for a land-based sailing holiday.

Other options

Nautilus Yachting (01732 867445;
Flotilla itineraries in the Saronic Gulf, Ionian, and Sporades with a new
two-week itinerary in the southern Ionian – also bareboat sailing in the
Cyclades and Dodecanese.

Neilson Adventures (01273 668982;
Features an eight-day Greek Islands Sailing Adventure from £689 (excluding
flights) aboard a skippered 50ft sailing yacht, starting in Kos and sailing
across the Aegean to Santorini, stopping at beaches, small harbours and
visiting archaeological sites.

Setsail (01787 310445;
Not offering flotilla holidays in 2011, but can provide bareboating from
Kalamaki and Laviron, near Athens, or from Skiathos, Lefkas and Corfu.

Sunsail (0844 463 6578;
Can arrange bareboat charters or one to two-week flotilla holidays in the
Ionian and Sporades.

Sunscape Yachting (01737 300805;
Organises flotillas through local agents in Poros, Lefkas and Skiathos.

  • For a general overview on what’s available, contact specialist cruise and
    boating agent, Seafarer (0800 496 4670;
    Bareboat or skippered charters are available through The Moorings
    (0844 463 6386;
    who have bases at Athens, Kos and Lefkas with a new 39ft catamaran
    available for 2011. Also Top Yacht (01243 520950;
    offers bareboat, skippered or crewed in some of the top sailing areas.

Beach Clubs

Our selection

Neilson (0845 070 3460;
Has “beachclubs” in Vassiliki and Porto Heli and four higher-end “Beachplus
Clubs” at Sivota, Halkidiki, Lemnos and Lesbos. The Lemnos centre is
being refurbished for summer. Packages cost from £399 including flights and

Wildwind Holidays (0844 499 2898;
On Vassiliki Bay, Lefkas where a week’s stay starts at £649 in May including
flights, beachfront accommodation and sailing. The centre also offers a
healthy options programme of yoga, pilates, cycling, walking and massage,
plus RYA tuition and clubs for children aged 7-17 years.

Other options

Club Med (0845 367 6767;
Offers children’s clubs and childcare at two mainland resorts – Gregolimano
and Athenia.

Club Vass (0844 463 0197;
Runs Club Vassiliki on Lefkas primarily as a windsurfing centre with other
watersports and mountain biking also available.

Mark Warner (0871 703 3887;
Offers two beach resorts – San Agostino on the Gulf of Messenia and Lakitira
in Kos. Available for 2011 is the five-star Hotel Helona, newly built next
to Lakitira with access to its watersport and childcare facilities.

Peligoni Club (0208 740 3001;
Watersports on the north coast of Zakynthos, popular with well-heeled
families in peak season. Its professionals week is aimed at active singles
and couples, and has been extended to a fortnight in June.

Sportif (01273 844919;
Seven windsurfing centres in Kos, Crete, Rhodes, Samos and Karpathos – with
good options for families as well as beginners.

Sunsail (0844 463 6578;
Runs Club Vounaki on the mainland, at the foot of the Arkanika Mountains,
where a peak season week costs from £1,499 per person, half board.

Swim Trek (01273 739713;
offers tours including a seven-day island-hopping holiday based on Naxos in
the Cyclades from £680.