I went to malia last year for 7 days. I took 1000 euro, i spent roughly 650 in the first day, as i bought all inclusive bands and quad bikes and pre drinks for the week. In regard to general spending money i found food was the thing i spent the most on, the food wasn't that cheap there, however if you are a larger group, bars and clubs will give you 'deals' which will help reduce how much a night out costs. It's not that cheap but it's cheaper than here. For instance a double vodka and coke there, was 4-5 euro however it would be half a ****ing cup of vodka so i felt the quantity you got was more. I ran out of money a day before the end because i just spent it on pointless ****. 700 would be fine as long as like me, you didn't pay for quad bikes.