There has been a lot in the news over the last few months about how the Euro is struggling to hold up against other currencies, how certain members of the Eurozone may end up coming out of the single currency and reverting to their previously used currency and how this can affect your holiday.. Well fear not, because quite simply, it won’t!
If you have booked for and paid for your holiday then your holiday is already paid. You can still go. You can still enjoy your time away as planned. If you are going to a country whose membership to the Eurozone appears shaky and you have already bought Euros, again you do not have to worry. Even if that particular country decides to come out of the Euro before your holiday, you will not be left with a handful of worthless money. You will not be losing out.
The money you have already exchanged for euros will still be legal tender. It can be exchanged for another currency of your choosing. If we use Greece as the example, as this has been the country giving the Eurozone the main cause of concern, they will revert back to the Drachma if they pull out of the single currency. The euros you have bought can then be exchanged for Drachma. What the news reports do not seem to mention is the fact that if this happens, the Drachma will be devalued. This means you will actually be getting more for your money. All the scaremongering of recent months failed to mention this.
If any of the countries who are suffering financial difficulty decide to pull out of the single currency, it will not happen overnight. You will not suddenly wake up one day midway through your holiday to find the money you are carrying is worthless. Any withdraw from the Eurozone will be carefully planned and executed. It will have to be. If it isn’t it can cause a massive financial disruption to the other countries who are a part of the single currency, and this will not be allowed by countries such as Germany who will want as little disruption as possible.
One of the best things about all this upheaval and uncertainty is the fact that the euro is lower now than it has been for the last 4 years or so. This means by choosing to go on holiday to a Eurozone country, you will be getting more for your money. You should not avoid holidaying right now; it is excellent value for money. And of course, the more people who realise that and spend their hard earned cash in countries such as Greece, Italy, Spain and Portugal are only helping to stimulate the economy, reducing the risk of a withdraw from the Euro altogether.
So do not avoid holidaying right now, you have no cause for concern, you will get great value for money, you will help to stimulate the struggling economy and you will have a fabulous time all round.