Should I take euros on holiday to Greece this European summer?

Some media outlets have expressed the fear that should Greece exit the euro, the so-called Grexit, travellers might be left stranded.

The what-if scenario goes that if Greece defaults on its scheduled loan repayments it might be forced to exit the euro and this could trigger a run on banks as customers attempt to withdraw their remaining euros.

Greek banks would likely respond by strangling or shutting off their services, which would severely restrict the cash that travellers are able to withdraw from ATM machines. Is this possible, and if so, how can travellers guard against it?

Greece is unlikely to meet its scheduled repayments of over 7 billion euros, which fall due over the next few months.  Even so, it seems most likely that Greece will remain within the euro currency system while in default, at least for the foreseeable future.

This will allow the vital drip-feed of European Central Bank funds to continue, the banking system would remain intact and travellers should have no problem.

However it would be wise for anyone planning a Greek holiday to guard against a worst-case situation by taking a few hundred euros in emergency cash. Even if disaster happens, credit cards would still be accepted.

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