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An article by This is Money today explains why despite the Eurozone facing meltdown because of bad debt, you will still not get any more euro for your holiday pound. Nor will you see prices dropping in the bars and cafes on the holiday resorts.
Travel insurance customers looking to travel to one of the European countries struggling with their countries debt, PIIGS – Portugal, Ireland, Italy, Greece and Spain, in the hope of a cheap holiday will be disappointed, they will still need to allow for the same spending money they did in previous years.
Some of the reasons cited are – the euro is still holding its own against the pound because the UK also has problems, and is having a sluggish recovery from the 2007/2008 financial panic. In fact the pound has fallen 25% against the currencies of our major trading partners. Furthermore, even though the PIIGS – where most people go on holiday are in trouble, this is not the pattern throughout Europe, Germany for example is still doing very well.
Regardless how much your holiday costs have increased one thing you shouldn’t skimp on is travel insurance. Don’t buy travel insurance purely on price and make sure you have the correct policy for your needs. For example if you have a medical condition such as cancer make sure you buy travel insurance with cancer cover and if you are taking part in any extreme sports or activities check your policy wording and make sure you have cover.
Furthermore if you are holidaying in the Eurozone, make sure you take a valid European Health Insurance Card (EHIC) with you along with a travel insurance policy. And keep in mind, a fish dinner in a seaside Taverna in Crete could cost up to 90 euro for two people, you could easily dine at the Dorchester for that.