Preparing for Greece to Exit the EU (Grexit)

6/22/2015 12:43:47 PM

I have noticed that Travelex has advised…

“No one can know for sure what will happen, however we want to ensure
our customers are prepared for all possible scenarios and make
contingency plans before they travel. As always, we recommend
travellers take a combination of cards and cash. To avoid running out
of cash, if there are shortages or restrictions at banks, travellers
should take enough Euros to last for their first 3-5 days – and then
keep their euros topped up throughout their stay. If they are planning
to be on one of the islands for any length of time, they may want to
take more Euros than usual as it could take longer for Euros to be
supplied to the islands if there are any disruptions.

Travelex’s advice for travellers heading to Greece

Whereas Mark Bodega of HiFX says…

Consider locking in the exchange rate using a prepaid currency card
that allows you to preload with currency and then use at cash
machines, restaurants, and shops when you get there.

And Carol LLoyd at GoCompare advises…

We recommend that when buying cover you specify that you are going to
Greece so that you are certain of having the right level of cover.
Don’t just say ‘Europe’

And from a different viewpoint, the Association of British Travel Agents is advising tourists that the increased volatility may present an excellent shopping opportunity like it did in Argentina in 2001 and in Cyprus several years ago.

What this amalgamates to is…

  • Be sure to specify Greece if you are purchasing trip insurance
  • Plan to take more Euro than you usually would
  • Consider the benefits of using a prepaid currency card

Update

The media has also published these strategies…

Anastasia Alden is planning to stock up on euros before her week-long
trip to the Greek island of Mykonos in August.

Anastasia, 26, says: ‘Since there is a risk that banks won’t be open I
don’t want to be without money. I normally rely on plastic for my
spending but I’m going to take about a week’s worth of spending money
– €350.’

The public relations executive from Balham, South London, will be
staying at a villa rented by parents Martine, 50, and Richard, 51, and
siblings Alex, 16, and Sophia, 19. Anastasia says: ‘The villa and car
hire have been paid for upfront so I hope it will all be OK. My
parents plan to bring a lot of cash too.’

It’s not all bad news even if Greece heads for the euro exit door.
Capital Economics economist Jonathan Loynes says a switch to the ‘new
drachma’ could mean a devaluation in the Greek currency of 20 per cent
or more. He says: ‘For British tourists everything would become 20 per
cent cheaper.’

This happened before – Iceland in 2008 and Argentina in 2001. Alma
Parra Campos, an academic from Mexico who is carrying out research in
London, recalls a trip in 2001 to Argentina, which was undergoing its
own mega debt and currency crisis and saw the peso more than halve in
value.

She says: ‘Everything was so cheap. I bought a beautiful designer coat
for less than £15. I still have it. The shop assistants were desperate
for tourists to spend, spend, spend.’

Source: http://www.thisismoney.co.uk/money/news/article-3132729/As-Greece-s-D-Day-looms-s-make-money-GREXIT-PROOF-heading-country-summer-staying-home.html

This indicates that tourists bringing extra cash may be able to enjoy a shopping bonanza.

Credit:stackoverflow.com‘

About me

Hello,My name is Aparna Patel,I’m a Travel Blogger and Photographer who travel the world full-time with my hubby.I like to share my travel experience.

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