Tourists told to take hard cash to Greece
Travelers heading to Greece are being advised to take their euros in notes and coins in case the escalating debt crisis prompts the country's banks to switch off their cash machines. While no problems are anticipated, visitors to Greece should be prepared and avoid relying solely on credit cards or local ATMs and take enough money to cover emergencies and any unexpected delays. Travel experts recommend taking around three to five days' worth of spending money in euros.
The Greek economy edged closer to default on Monday when European finance ministers ruled out a bail-out program. Economists say that if it is denied emergency funds to cover its summer debt repayments, Greece could opt to exit the euro. As well as causing chaos in financial markets, such a scenario might lead to a run on banks which would turn off their cash machines in response. During the Cypress bail-out in 2013, banks limited withdrawals and some shops and restaurants were unable to accept card payments.
If you are traveling to Greece in the next few weeks, keep an eye on the news, check official travel advice and be sure to bring a mix of payment options.
Source: The Telegraph, London