What on earth are we supposed to do about the euro? All British expats in France have the same worry at the moment. Do we leave what little savings we have in our French bank, or transfer it (and lose at current exchange rates) to a British bank? Dire warnings from the British Council don't help. In the, previously unlikely but now decidedly possible, event of a total euro collapse, all euro banks would close, cashpoints would be shut, and even border controls would apparently be manned to prevent residents from fleeing the country! But, if you leave your money in a Euro bank which subsequently reverts to its previous currency, it loses half its value overnight.
Optimists tell me: don't worry! The G8 group of nations is meeting as we speak, ready to sort out all this mess. Oh really? Reports last night said that the current worry re Spanish banks wasn't even up for discussion. So, what to do? Can't even transfer euros to pounds via my PC at home, as my French bank makes a great fuss and insists you go personally cap in hand to the branch. Certainly keep enough cash under the mattress to tide you over for a few days, but with thoughts of 1930's Germany, do I subsequently buy a large wheelbarrow ready to carry home masses of worthless old French francs?
Him indoors says he always used to be indecisive, but now he's not so sure!
Showing posts with label euro crisis. Show all posts
Showing posts with label euro crisis. Show all posts
16th May 2010
What a week. The UK has the youngest PM for over 100 years and the first coalition government since 1945. The good news, already, is that UK state pensions are to have a bigger guaranteed increase each April whichever of incomes or 2.5% are the greater.
And what's this I read in the news? Sarkozy threatens to leave the euro, and German savers hoard gold. Nothing new there then! The Greeks are rioting and can't understand why they can't continue to retire at 45 with full pensions, even though their government has debts of billions. And what does the EU do? It responds in the same way world leaders responded to their bankrupt banks – lends them more money. The road to ruin, I say. All the while, across Europe, voters are asking why they should be asked to pay for the rescue package, worrying they might be next. And don't forget the on-going bankrupt state of the US housing market.
It's all getting worse. If the euro breaks up and others try to devalue their currencies, we'll be back to the economics, or even the governments, of the '30s! Beware another Hitler knocking on the door!
What was it my mother used to say? If you haven't got it, don't spend it.
And what's this I read in the news? Sarkozy threatens to leave the euro, and German savers hoard gold. Nothing new there then! The Greeks are rioting and can't understand why they can't continue to retire at 45 with full pensions, even though their government has debts of billions. And what does the EU do? It responds in the same way world leaders responded to their bankrupt banks – lends them more money. The road to ruin, I say. All the while, across Europe, voters are asking why they should be asked to pay for the rescue package, worrying they might be next. And don't forget the on-going bankrupt state of the US housing market.
It's all getting worse. If the euro breaks up and others try to devalue their currencies, we'll be back to the economics, or even the governments, of the '30s! Beware another Hitler knocking on the door!
What was it my mother used to say? If you haven't got it, don't spend it.
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