Euro "will make Malta and Cyprus expensive"

Prices for holidaymakers in Malta and Cyprus are set to soar as they are now using the Euro, according to a source.

A Post Office Holiday Money Report has found that other countries which have adopted the euro have seen a sharp rise in prices, according to travel Mole.

The report says: "Within months of adopting the euro prices had rocketed in all the popular summer holiday resorts almost doubling in Spain."

Italy was one of the most expensive countries to holiday in Europe before the euro while Spain and Greece were the cheapest; the report says this has since switched round reports the travel website.

The Post Office bases the figures on the cost of ten items regularly purchased on holiday by British people and at the moment shows Malta and Cyprus to be third and fourth cheapest in comparison to countries with the euro.

The countries both swapped to using the euro as their currency at the start of this year meaning there are now 15 countries using it.

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