FCO urges Cyprus caution ahead of bailout

FCO urges Cyprus caution ahead of bailout

British holidaymakers to Cyprus have been advised to take cash reserves and take "appropriate security precautions" against thieves.

The updated travel advice from the Foreign & Commonwealth Office late last week came amid the country’s financial crisis, and was still in place on Monday morning.

The caution came ahead of eurozone finance ministers agreeing a €10 billion bailout early this morning to prevent the Cyprus banking system from collapsing and keeping the island in the euro.

The country's second-biggest bank Laiki will be wound down and holders of deposits of more than €100,000 will face big losses.

All deposits under €100,000 will be "fully guaranteed”, updating previous proposals which recommended a levy be paid by all those with savings.

President of the Eurogroup of eurozone finance ministers Jeroen Dijsselbloem said the deal had "put an end to the uncertainty" around Cyprus's economy.

The FCO said that travellers should take enough euros “to cover the duration of your stay”.

The official guidance said: “The Government of Cyprus has announced an extended bank closure.

“ATMs, debit and credit cards can be used as normal however, while banks are closed, we advise taking sufficient euros to cover the duration of your stay, alongside appropriate security precautions against theft.”

A spokesman said this meant that people should be “vigilant about where your valuables are and being aware of where you are”.

Around one million Britons visit Cyprus every year, with Easter being one of the most popular holiday periods.


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