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Euro under threat?

  • 30-05-2010 5:37pm
    #1
    ART6
    Registered Users, Registered Users 2 Posts: 2,632 ✭✭✭


    I read in the gloom and doom papers that the Euro is under threat, while governments are denying that (well they would, wouldn't they?). There is no doubt that if it did collapse the ramifications for the world, not just Eurozone nations, would be a calamity. However, there is another issue for the man in the street (me).

    Lately I see that people are hedging their bets by transferring savings from what might be risky Irish banks to what they see as stronger banks like Rabobank. So I deposit, say, five grand in Rabobank and then the Euro collapses and has to be abandoned. Now my money is in a currency that no longer exists. Does it become Dutch Guilders or simply go down the plughole?


Comments

  • #2
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    you do realize that if Ireland is evicted from euro or euro collapses

    your money will be converted to Nua Pesos :P

    if you dont believe me, ring up Rabo, and ask them what happens to your money in event of Ireland leaving euro, apparently they get alot of people asking this lately and the operators are provided with an answer...


  • #3
    freelancerTax
    Registered Users, Registered Users 2 Posts: 391 ✭✭freelancerTax


    what will happen to money that isnt in the bank -
    would you be able to convert it from the extinct euros into something else or does it become worthless?


  • #4
    SkepticOne
    Closed Accounts Posts: 6,718 ✭✭✭SkepticOne


    Personally I think before that happens there will be an Irish default and a failure of the Irish banks.


  • #5
    freelancerTax
    Registered Users, Registered Users 2 Posts: 391 ✭✭freelancerTax


    proabably but im just interested in what would happen money people have on them..
    like i might have 200 euro in my wallet - what would happen there if the euro went under?


  • #6
    ei.sdraob
    Closed Accounts Posts: 9,376 ✭✭✭ei.sdraob


    freelancerTax wrote: »
    proabably but im just interested in what would happen money people have on them..
    like i might have 200 euro in my wallet - what would happen there if the euro went under?

    you would exchange them into a new currency at whatver rate the govt decides on (and it quickly starts to plummet)

    last time a monetary union collapsed was the ex USSR in early 90s, tho they had a very long list of other problems that dragged the economies down

    anyways hopefully it would never come to that :(


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