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What will happen the pound if Greece exits the Euro

  • 29-06-2015 12:52am
    #1
    r3nu4l
    Registered Users, Registered Users 2 Posts: 17,399 ✭✭✭✭


    Our economy relies heavily on exports to the UK. Of Greece exits the Euro, what is the likely impact on the euro to pound exchange rate?

    I imagine the pound will increase in value and therefore the conversion rate will be higher (I.e. the pound will buy more Euro) but I'm no financial guru so would appreciate your thoughts.

    Of that's the case, won't we in Ireland be hit particularly hard by the exit, miso than other Euro nations? A double whammy?


Comments

  • #2
    [Deleted User]
    Posts: 8,647 ✭ [Deleted User]


    Good for exports. Bad for imports.


  • #3
    joeysoap
    Registered Users Posts: 6,252 ✭✭✭joeysoap


    Yep, exporters in 7th heaven. Border towns like Dundalk loving it, extra vat for exchequer (already seen in figures) from sales of petrol etc. border towns like Newry not happy bunnies. Hotels south of border loving it, hotels north of border not happy. You get the drift.


  • #4
    r3nu4l
    Registered Users, Registered Users 2 Posts: 17,399 ✭✭✭✭r3nu4l


    Considering how much we import from the UK, won't that make our cost of living increase? Business exporters may benefit but importers won't and the general public would likely suffer. Is that correct or am I talking uneducated nonsense? :)


  • #5
    Asmooh
    Registered Users, Registered Users 2 Posts: 1,469 ✭✭✭Asmooh


    Actually I don't care, put up the country for sale and every country in the EU can buy a piece from Greece.
    Or sell it to Asia or Africa and close the borders with a high metal gate all around it (something like in Resident Evil)


  • #6
    greendom
    Registered Users, Registered Users 2 Posts: 16,382 ✭✭✭✭greendom


    no more shopping trips to the North. Holidays to the UK and other non-euro destinations to get more expensive as will anything produced outside the eu.


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  • #7
    BoatMad
    Registered Users, Registered Users 2 Posts: 13,702 ✭✭✭✭BoatMad


    r3nu4l wrote: »
    Considering how much we import from the UK, won't that make our cost of living increase? Business exporters may benefit but importers won't and the general public would likely suffer. Is that correct or am I talking uneducated nonsense? :)

    Ireland is a net exporting country with an open economy. On balance it benefits from a lower euro

    Anyway a grexit will have no significant effect on the value of euro as a shown by evens today's bounce back

    QE is what is having the major effect of lowering the euro printing a trillion euros is a lot of paper and lowers the currencies values and promotes some inflation ( well that's the hope anyway )


  • #8
    BoatMad
    Registered Users, Registered Users 2 Posts: 13,702 ✭✭✭✭BoatMad


    greendom wrote: »
    no more shopping trips to the North. Holidays to the UK and other non-euro destinations to get more expensive as will anything produced outside the eu.

    Yes that's extremely good for the EZ. For example I've switched from amazon.co.uk to amazon.de for my tool buying , saving a packet as a result.


  • #9
    enda1
    Registered Users, Registered Users 2 Posts: 5,166 ✭✭✭enda1


    BoatMad wrote: »
    Yes that's extremely good for the EZ. For example I've switched from amazon.co.uk to amazon.de for my tool buying , saving a packet as a result.

    Leading on from this, Curiua is a very useful site for comparing a product's cost across the EU amazon sites. Beware of shipping though.


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