In Greece, Spain, and Turkey - Thomas Cook’s most popular summer destinations - the bankruptcy threatens to strike a devastating blow to communities that are economically reliant on package tourism.

Grigoris Tasios, head of Greece’s PanHellenic Federation of Hoteliers, believes that losses to his country’s hotel owners could amount to €300m, including €80m-€100m in Crete, Greece’s most popular destination for package holidays.

At this point in the season, most hotels on the island have accumulated considerable debt to suppliers - a million or two euros at a big resort, for example, or half a million at a smaller hotel.