Could Greek euros be worthless?

The Greek debt crisis could have a profound impact on people considering a holiday to Greece this summer. They could face cash shortages in their resort; have trouble paying by card; and there is some speculation that there may even be problems with euros issued by Greece.

The experts are warning that there could be serious potential money issues in Greece if it leaves the euro. There's a risk that Greeks will be determined to withdraw their money from the bank, emptying ATMs and ushering in capital constraints that would make it difficult to withdraw money from banks instead. Those constraints could also make it harder to pay by card.

Travel organisation ABTA is warning visitors to carry some euros in cash, and to make sure you have adequate insurance in place. It's worth taking a mixture of cards and cash, and making sure you have enough euros for the essentials before you travel, so you're not left stranded without cash.

Euros in question

The question of the kind of cash you should take has also been raised. This isn't the first time that Greece has faced a crisis that led to speculation that it might leave the euro. The first time, in 2011, some politicians were warning travellers to avoid Greek-issued euro notes, speculating that they could have difficulties in exchanging them if the Greeks moved to the drachma while you still held the notes. Now those worries are surfacing again.

It's worth emphasising that the European Central Bank insists that there is nothing to worry about. It says that it backs all euros, and each coin or note is worth the same amount - regardless of its origin. So you really shouldn't run into any difficulties at all.

If you are determined to err on the side of caution, however, it's easy to avoid Greek euros if you want. All euro notes are marked to show the country that issued them. Those that are produced by Greece, are marked with the letter Y at the start of the eleven-digit serial number located on the back in the top right and bottom left corners. When you exchange your travel money you can simply ask for euros with a different letter at the start.

Perspective

However, if you only have a limited amount of time to spend planning your Greek holiday, it may be wise to focus on a fallback plan if your travel company goes bust, your hotel closes, the restaurants run out of money to buy food, or the airports stop flights in and out because they cannot pay their bills. Worrying about euros (especially when the central bank has told you not to) may not constitute a wise use of your time.

But what do you think? Does all this uncertainty put you off the idea of travelling to Greece at the moment, or do you fancy the idea of using the opportunity to bag a bargain? Let us know in the comments.

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