Hi there, i worked out in ibiza in 2007, me and a friend saved a grand each and also booked a 2 week stay in club paraiso (now ibiza rocks hotel) so we made sure we had accomodation whilst searching for work.
you will need at least a months deposit to get a room in an apartment and then it will prob take u at least 2 weeks to gain a job coz u have to continually prove your worth as a first yearer!!
You will need more than £200, coz u will need a deposit, food, spending money etc etc. do still go but try and take more money otherwise you will be on the next flight home!! Everyone works 7 nights a week aswell.
Hope this helps. oh and bar jobs usually go to 2nd year plus people, you will more than likely get PR work etc. if u have personality and tenacity you will get by and have the best summer ever!!
GOOD LUCK!