Greek Villas Are Going Begging

Greek island villas are being marked down by nearly half as the country's debt crisis curbs demand for holiday getaways. Greece is in its first recession since 1993 and is counting on a $143 billion bailout from the European Union and the International Monetary Fund to avert a default. Prime Minister George Papandreou, having raised taxes and cut wages for civil servants, is imposing new levies on luxury properties to show voters that the wealthy are helping foot the bill. With its many islands and ample oceanfront acreage, Greece for years has been a playground for millionaires. Prices for luxury homes elsewhere in southern Europe have held up better than in Greece. They have fallen 8% to 10% in Spain and are more or less flat in Portugal, while in Italy home prices are actually increasing in some cities.