Hi
Sorry, I almost posted twice but thought I'd leave it for someone more experienced to get in first!
For basic 2 track use the A77 will probably be fine, but remember its a very old machine (I think they started making them in the late 60's). Because you are in Europe you should be able to track down a heap of them. Most of the ones I've seen over here are pretty much shot (even 15 years ago they were marginal).
You might be able to pick up
an Akai GX machine for similar money - they were often only 4 track 2 channel domestic format, but because of the glass heads (yes, glass) one of the 3 motor machines (e.g. the GX265D, which I have) could be in pretty good condition. You will almost certainly need to clean the switches though! The ones with two levers are probably a single motor design and more likely to give problems.
My GX265D sounds sweet, and even at 3.5ips it sounds good on 456 (not really what it was designed for - probably better with Maxell 35-90B if you can find it, and I'm guessing 407 would be good as well - don't even bother with fancy new(!) tape formulations).
I've also seen a couple of Tascam 32's going for <NZ$300 recently, which should be about your price range. These were workhorses and newer technology than the Revox A77 and older Akai, Teac or Sony machines. Just watch the condition of the tape transport.
Hope this is of some help.
Cya
Andrew