Fresh uncertainty over Greece has prompted a warning from the Chancellor and helped push the pound to a seven-year high of €1.40.
Sterling is now at levels not seen since the autumn of 2007, meaning Britons travelling abroad will get more for their money - around €1.38 at tourist exchange rates.
But Chancellor George Osborne remains focussed on resolving the deadlock over Greece, tweeting: "Just had bilateral meeting with Greek finance minister, urging them and eurozone to find solution.
"Unfortunately this Greek drama isn't over," he wrote.
Greek finance minister Yanis Varoufakis was told by his fellow eurozone finance ministers on Monday that time was running out and he must urgently put forward concrete proposals if the country wants to secure rescue funds agreed under its bailout extension.
Athens got a lifeline last month when ministers agreed a four-month deal on extending its current EU-IMF bailout, subject to the reforms being agreed.
The next payout of €7.5bn (£5bn) is due at the end of April.
Greece may have to leave the currency union if no reform programme can be ratified.
Mr Varoufakis has faced ridicule in Brussels and back home for some of his proposals, including the use of tourists to spot tax cheats.
His tough negotiating style has also irritated creditors, who have signalled their patience is wearing thin.
Greece has warned of a possible referendum if its plans are rejected.
The new radical left-wing government has pledged to streamline bureaucracy and tackle smuggling but its blueprint has been slammed as lacking detail, and especially figures.
Jeroen Dijsselbloem, head of the Eurogroup, said on Monday: "We have lost over two weeks in which very little progress has been made - we have to stop wasting time and start talks seriously."
Mr Dijsselbloem, who is also the Dutch finance minister, added: "The extension (of the Greek bailout) is only for four months and the clock is ticking."
On Wednesday, the euro dropped to a 12-year low against the dollar, as some speculators expected it to drop to parity in the near future.
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