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How crisis at home gives cheaper Euro holidays on the continent

The Euro crisis has resulted in Britons enjoying up to 25% summer holiday savings across the continent and beyond thanks to the strength of the pound against the Euro. British holidaymakers can expect an extra £47.41 for every £500 converted to Euros on holiday destinations across Europe. This constitutes to about 10.5% more spending power than during the same period in the summer of 2011.

Debt stricken Eurozone countries like Portugal, Ireland, Italy, Greece and Spain, collectively referred by the acronym PIIGS, have raised fears for the Euro, which has now hit a three-and-a-half year low against the sterling pound. PIIGS underwent massive real estate bubbles that lead to their governments and banks suffering huge losses and amassing giant debts. This is how the crisis at home gives cheaper Euro holidays on the continent.

Cashing in on the crisis

Holidaymakers are cashing in the dramatic rise in strength of the pound against the Euro to benefit from cheaper holidays. In the month of May 2012, Bureaux de change reported increased demand from businessmen and tourists who were getting no less than 1.20 Euros to the pound. “This is a real bonus for our customers,” said Peter Long of the TUI Travel that owns the Thomson and First Choice holiday brands.

Adding his thoughts on the increased number of Britons looking to swap their pounds for Euros, Travelex UK’s regional manager Elvin Eldic said: “With the [weather] forecast remaining bleak here in the UK and another bank holiday weekend on the horizon for the Queen’s Jubilee, it’s a great opportunity for cash-strapped Brits to escape to sunnier climes without breaking the budget.

The Post Office head of travel money Andre Brown, however, had this word of caution: “Holidaymakers visiting Post Office branches today will find that the sterling now buys more Euros than at any time since November 2008. Our advice to travellers is to keep a close eye on the rates as their holiday approaches.”

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