Planning a holiday in Greece? Here's what you need to know

More than a million British holidaymakers will be heading to Greece this summer, and as the crisis unfolds many will naturally be feeling nervous about how it could affect them.

Greeks have been withdrawing billions of euros from the banks, and the fear is that it could lead to the imposition of limits on how much people there - including tourists - can withdraw, otherwise known as capital controls.

The most recent precedent is the Cyprus banking crisis in 2013, when Cypriot banks were closed for nearly two weeks. When they reopened, a 300 euro limit was imposed on daily cash withdrawals, and there were limits on credit card transactions and the amount of money that could be moved out of the country.

The travel association, ABTA, and the UK's largest provider of travel money, Post Office Travel Money, have both advised tourists to take enough cash in euros to see them through their holidays.

Here's the latest advice from travel experts.

How much cash should I bring?

Andrew Brown, from Post Office Travel Money, says couples spend an average of around £500 in cash on a fortnight's holiday - on things like meals out, local trips and coffees. For a family, that figure is £700. That doesn't include accommodation, and the advice is to contact your hotel, internet booking company or villa-owner beforehand, to see whether it's possible to pay in advance in sterling. Once you're there, use safes and deposit boxes to store cash, and split money between family members. It's also worth checking your travel insurance to see how much lost or stolen cash they would provide cover for.

Will I be able to use credit or debit cards in restaurants and shops? If so, will there be a limit on how much I can spend?

Yes, all cards currently accepted, such as MasterCard and Visa, will continue to work as normal. There could be limits on how much you can spend, but according to James Hickman, Managing Director of the currency specialists, Caxton FX, these limits are likely to be set at several thousand pounds, so they shouldn't affect ordinary transactions. However, Andrew Brown of Post Office Travel Money points out that in 2013, which was the last time things came to a head in the region, some retailers and restaurants were reluctant to take cards, preferring people to pay in cash instead.

Will the ATMs have enough money in them, even if capital controls aren't imposed?

There were some shortages in 2013, but it also depends on where you are. As a general rule, ATMs are more likely to run out of cash on the Greek islands than on the mainland.

Will I be able to use pre-paid currency cards or travelers’ cheques?

Currency cards can be loaded with a foreign currency at a pre-agreed exchange rate and used in shops or at ATMs whilst abroad without incurring commissions or transaction fees. They would be subject to the same limits at ATMs and in shops and restaurants as other forms of payment cards. Travelers’ cheques are not widely accepted so it would not be advisable to rely on them as the only source of payment.

If Greece were to leave the Eurozone, how long would Euros be valid for?

Andrew Brown says holidaymakers shouldn't panic if Greece leaves the Eurozone. If this happened, it would take around 18 months for the Greek drachma to be re-introduced, during which time the Euro would continue to be the legal currency. A Visa spokesman added: "While there are some issues that would be outside Visa's control, we would work with all relevant parties to help ensure a swift transition to a new currency with the minimum possible disruption to consumers and retailers."

Will my insurance policy cover my losses if I decide to cancel?

The advice from the Association of British Insurers (ABI) is always to check the latest Foreign and Commonwealth Office advice. An ABI spokesperson said: "Those who have their summer holidays planned in Greece remain covered by their travel insurance, in line with the terms and conditions." She said that would only change if the FCO changed its stance and decided to advise against all travel. In that case, travellers would not be covered if they still decided to go, but they would be entitled to a refund, either from their travel agent or tour operator, or their insurance company.

The good news is that Greece continues to be a great bet for bargain hunters, according to the latest Post Office Travel Money resort research. The strength of sterling means families changing £500 into euros will get the equivalent of £65 more to spend compared with a year ago. And prices in resort islands such as Crete and Corfu are down by more than 13 per cent this year anyway - which means a meal in Crete with drinks will be almost £6 cheaper, and a bottle of suncream will be £3.32 less than it was last year.

(Πηγή: bbc.com)