Welcome back as Swiss public transport returns to normal, Eurostar is hitting a cash crunch!
Lake Geneva
Lying between France and Switzerland, Lake Geneva is criss crossed by paddle steamers to elegant resorts including Evian les Bains, Montreux and Nyon. In summer it is a hive of activities such as yachting and swimming with some of the cleanest water in. Europe. Take the Rochers de Naye mountain train from Montreux for stunning views of the Lake from 2000 metres and marvel at its dreamy elegance with a mountain silhouette beyond – just magical!
Montreux
Montreux is a traditional resort town on Lake Geneva, elegant yet cosmopolitan. Nestled between steep hills and the lakeside, it’s known for its mild microclimate and the Montreux Jazz Festival, held in July. The town’s promenade is lined with flowers, sculptures, Mediterranean trees and grand Belle Époque buildings. There you will come across the statue of Freddie Mercury, nearby at the Casino the Queen studio experience https://www.region-du-leman.ch/en/P978/queen-the-studio-experience\.
Chateau de Chillon
A pleasant half day excursion is to take the paddle steamer for the 15 minute ride to the lakeside castle of Chateau de Chillon. Chateau de Chillon’s history goes back to the twelfth century when a castle was built on a small rocky island in Lake Geneva by the rulers of Savoy. Later, it was taken by the Swiss Bernese, who released its most famous prisoner, Francois Bonivard, a protestant. His imprisonment was made famous by Lord Byron in His poem The prisoner of Chillon. See https://www.chillon.ch/chateau/
For more ideas out and about in Montreux see https://traintraveloracle.com/switzerland-train-tour-part-two/
Next Time…
Champery, unspoilt mountain village with links to the Portes du Soleil, great skiing and hiking, enjoy the perfect silence of the great outdoors.
Rail News – Eurostar cash crunch – Spring 2021
Eurostar traffic has dropped from 17 000 to an estimated 2 500 transits this last year. Eurostar at present operate 2 services a day currently to Paris, Brussels and Amsterdam. Eurostar have lost 95% of their passenger numbers in the past year. Currently instead of carrying 30,000 passengers a day, Eurostar is carrying only about 500. They have dropped station calls at Ebbsfleet and Ashford and will not be running services in 2021 to Bourg St Maurice and Marseille. Unlike the franchised UK Train Operating companies, Eurostar have not received any financial assistance from the UK government. They have borrowed £350m from the banks and £100m from shareholders, three quarters of their staff are furloughed. See this article in the IRJ https://www.railjournal.com/financial/eurostar-in-discussions-over-government-rescue-ahead-of-cash-crunch/
The French authorities have said they are ready to give financial support to Eurostar, but only as part of joint rescue deal with the UK government. According to Jacques Damas, newly appointed CEO of Eurostar, the money will run out by June 2021. As the banks have Eurostar trains as collateral, it is possible the Eurostar franchise could be re tendered, with inevitable disruption to services.
Eurostar is 55% owned by French state rail company SNCF and the UK government sold its 40% stake to private companies in 2015.
According to the FT of 17th March, the Chief Executive of SNCF, Jean-Pierre Farandou negotiations for a rescue deal must be concluded by April to avoid bankruptcy. He says that both the French and UK governments were in ‘ongoing very advanced discussions’ with Eurostar over possible state-backed loans that would allow the struggling train operator to get through the coronavirus crisis.
What do you think?
The UK government sold its stake 5 years ago – what obligation does it have to Eurostar?
Would a rescue package include restoring services from Ebbsfleet and Ashford?
Why has Eurostar not formally requested government financial assistance?