In 1817, Lord Byron looked with chagrin upon all the foreign tourists visiting one of his favorite countries and complained that Italy was "pestilent with English." Italy is quite a bit different this year—and so is every other country in Europe. Not only are many Britons spending the summer of' 74 back in their own backyards but so are other Europeans, as well as the usually ubiquitous Japanese and the big-tipping Americans. Tourism, which ranks among the world's largest industries in terms of money spent abroad, is in a slough.
Inflation, recession...
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