I'm going on holiday to Greece, what does all this mean for me?

Noel Josephides is managing director of Sunvil Holidays, an independent tour operator for 40 years, which takes thousands of holidaymakers to Greece from the UK every year.

He said they had received a call from one customer who asked whether a "bankrupt Greece" would lead to them being asked to leave their hotel. Clearly this would never be the case.

Bookings for this summer are 11% higher than last year when some overseas holidays were hit by the recession in the UK, Mr Josephides said. They are now roughly the same as 2008, which is a more typical year for bookings, he said.

He said that the Greek islands were open for business and the weakening euro had lowered the cost of European trips.

This came after many hoteliers dropped prices by 5-10% at the start of the year because of the strength of the euro against the pound at that time.

"They recognised that the euro was strong and they wanted the business. A lot of prices have also fallen in restaurants," he said.