Hoteliers forced to slash their prices by up to 50% and restaurants, bars and taxis all said to be getting cheaper

Thirty years ago this month the first Rough Guide to Greece was published, its opening line: "Greece is no longer a really cheap country; inflation's been hitting it hard since 1980." With this in mind, it recommended a daily budget of £3-£4 "if you camp rough, buy some of your own food and hitch lifts". It added: "For £6-£8 you can live quite well."

Today £6 will get you a couple of beers – not even that if you're holidaying on Corfu, where, according to the Post Office's annual holiday costs barometer, a bottle of lager in a bar will set you back £3.91, compared with £3.20 in Brighton.

However, as Greece lurches from economic crisis to catastrophe and the world braces itself for its potential exit from the euro, there's a growing feeling that the days when tourists could live like a king on a fistful of drachma could be about to return.

"Our agents in resort are saying that prices are already coming down … restaurant, taxis, bars are all cheaper," said Photis Lambrianides, commercial director of Olympic Holidays, which sends 300,000 British tourists to Greece each year.

In February the Greek tourist industry was cautiously optimistic about holiday bookings, with the independent market research company BDRC Continental reporting a slight increase in the number of people planning to visit this year. Three months on, after scenes of riots and talk of economic meltdown, the outlook is inevitably less positive, and hoteliers have been forced to slash their prices by up to 50%.

"The hoteliers don't just rely on the UK market. The German market has been affected since before Christmas, and so the Greeks are looking to the UK to help," Lambrianides said. "We are definitely seeing more offers from hotels than normal, especially on the bigger islands where they have more rooms to fill."

Olympic's current deals include a week at Yakinthos Apartments, a three-star family-run complex, with pool, on the island of Zante for £165, a saving of £211, departing from Gatwick on 7 June. Or seven nights at the two-star Elenitsa Studios in Corfu for £239, a saving of £185, leaving from Birmingham in June.

Stephen Dunk, managing director for Europe of Travelzoo, an online portal for holiday offers, said there were also deals on higher-end resorts. "In theory the increase in fuel costs and taxes should have pushed the price of holidays up," Dunk said, "but there is so much pressure in the market hotels are having to fight much harder to attract business. Basically you are getting all-inclusive package deals at B&B prices."

Travelzoo currently lists an offer for a seven-night all-inclusive stay at the four-star Aquis Marine resort in Tigaki, on the island of Kos, for £339, including flights, for departures in June and September, a 40% discount on the usual price.

But should you be worried about snapping up one of these bargains while the likelihood of Greece exiting the euro increases by the day? Noel Josephides, director of the specialist operator Sunvil, said holidaymakers could only benefit. "If they do exit the euro, it will take time to print the new currency," he said. "In the meantime, if you are holding euros, you'll get a good exchange rate."

Josephides added: "We are not discounting more than normal because we refuse to give holidays away. We've worked with these hoteliers for decades. We're all in this together. We're not out to destroy the only industry which is going to help Greece come out of this."