For those that have already booked their trip, what action can they take to ensure their holiday goes without a hitch?

Travel association ABTA has reassured travellers that any changes arising from a Greek default, or exit from the Eurozone, are unlikely happen overnight. It adds: “Any switch to a new currency would take time and Euros would likely be accepted in the interim.”

The Association advises holidaymakers to Greece to take some cash in Euros with them as well as other payment methods (credit/debit cards) so that they are covered for all situations. It also advises them to take out travel insurance as soon as they book their holiday to provide protection should they need to cancel. That said, they may only be covered for cancellation if the Foreign Office advises against travel to the country.

The biggest risk is that holidaymakers can’t get money from ATM machines. This may be a particular problem on the islands and in more remote parts of Greece. However, pre-pay currency cards and Visa/Mastercard payments will still be accepted, though may be subject to certain limits: The chances are holidaymakers will be fine if they are buying dinner, but may run into trouble if they decide to buy a yacht.

The Post Office urges people to bring cash. It says: “To make sure your holiday runs smoothly, we recommend that you pack enough euros in cash to see you through the whole holiday. Of course, that doesn’t mean flashing a wad of cash in the streets of Athens – make sure you divide up euros between family members, and use hotel safes and deposit boxes to keep your money secure.

“When you exchange your money, ask for lower value bills – like €5, €10 and €20 notes. Then you’ll avoid awkward situations where you’re asked to pay cash, and all you have is a €50 note.”

There is an upside, however. The Post Office points out that Athens is now the cheapest capital in Europe. It says: “A dinner in Athens now costs less than half the price of an equivalent meal in Paris. Using our City Costs Barometer, we found that dinner and a range of drinks came to £38 – while it would cost £78 to enjoy that same meal in Paris.

“Dinner for two in Rome comes to £49 – 69% more expensive than the equivalent meal in Athens. And even coffee drinkers will be satisfied. A cup of coffee is 53p cheaper in Athens than in Amsterdam.”

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