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back to the punt

  • 23-04-2010 9:36pm
    #1
    100gSoma
    Registered Users, Registered Users 2 Posts: 1,287 ✭✭✭


    I have my savings in Euro as I'm sure many do.
    I know we discussed this before, but things have changed alot recently. Now with the Greek bail out and the Germans calling for a two division Europe to protect the Euro currency from contamination by under performing states.
    The idea is that EU countries that do not hit the target of a deficit of 3% of GDP or better will be placed in an EU subgroup and use their own currency pegged against the Euro at a devalued rate. This move helps them recover and also limits the tainting in value of the Euro itself. When the countries get their economic affairs back in order, they can rejoin the primary currency.
    At no point would a country leave the EU as such, just the EMU itself. I thought this was all BS talk last year, but its seemingly more realistic these days.
    The first countries on the subset group would be Ireland, Greece, Spain and Portugal. I'm wondering how amove like that would affect savings held in Euro here. And.. Is a move like this even remotely possible. I used to think not, but I'm less and less sure now.


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