Euro failure convert my savings to Sterling?

fergalsryan

Can anybody please give me there opinion on what will happen if the Euro fails! should i change my savings from Euros to Pound Sterling just in case? Thanks

westtip

fergalsryan wrote: »

Can anybody please give me there opinion on what will happen if the Euro fails! should i change my savings from Euros to Pound Sterling just in case? Thanks

sterling will suffer if the Euro implodes, having said that - the government in the UK will not countenance (at the moment) anymore Quantitative Easing - Labour printed a lot more money in the last two years which devalued the pound, the Germans won't allow Quantitative easing (QE - printing money) they have a national fear of inflation (1920s), and it would devalue all the Germans savings - they are not going to do that to save Ireland, or any other country - and we can't blame them, whilst we were borrowing money to buy apartments in Bulgaria, semi detached "investments" in Longford, and collecting apartments like kids collect bubble gum cards -they were busy saving.

Do what you think is best for you, - I don't think the Euro will fail, globally that would be a meltdown time, but when you hear about the possibility of a two tier Euro (and guess where we will be), it does make you wonder! I am not sure where the pound will go - the UK seems to be picking itself up off the ground and the government is now bedded in and seems to be showing some leadership, but they are as yet still in stormy waters.

No one can really answer your question, However I have three words for you

Portugal, Spain, Christmas.

Atilathehun

fergalsryan wrote: »

Can anybody please give me there opinion on what will happen if the Euro fails! should i change my savings from Euros to Pound Sterling just in case? Thanks

If you must change to a foreign currency, be aware that both Sterling and US Dollars, have been forced down by quantative easing, and the dollar in perticular, could go further. Obama is up till 3am 7 nights a week, on the printer, shooting out new notes.

Check out Norway, for an extremely stable economy. The global economic crisis of the past few years, barely had any kind of effect on them.
Norwegian Krones anyone?

FoxT

How important are these savings to you?
- Is it eu1500, eu15,000 or eu150,000

The best strategy depends on how much you have.

Are you planning to make a significant lifestyle change - eg move abroad, buy a house?

How much access do you need to your funds?

- do you need to access these funds regularly
- do you need to have them available to you at some specific future date?
- Can you put them away for a long time?

How much are you prepared to pay?
-When you convert to a foreign currency you have to pay forex brokerage commission ( and you need to pay again when you convert back)
- When you convert to a foreign currency the value of your funds will fluctuate with the exchange rate.

What risks do you want to protect yourself from?
- Failure of Irish banks (spread your money between a couple of different ones)
- Fail of Irish banks PLUS fail of govt guarantee (put money in Rabobank or similar, stay in euro)
- Collapse of the entire euro (if the euro becomes worthless then other countries outside the eurozone will be hit hard. their shares, bonds, deposits will become worthless etc)

NO matter what you do, it will cost you money (think of it as an insurance premium) .
If you have a large sum of money that you do not need access to for a few years then you should definitely consider foreign deposits/investments.

I suggest you review the questions above, and seek independent financial advice.

Or, I can mind some of it for you;)

Bertie Bassett

FoxT wrote: »

I suggest you review the questions above, and seek independent financial advice.

It might seem like a silly question, but where would you seek independent financial advice? Banks wouldn't be independent, the Golden Pages has no listing for Financial Advisors although there is one for Financial Consultants but if you are not familiar with this area it is impossible to know whre to start.

umpsfar

search youtube for the following.

buy silver jp morgan

luckylucky

fergalsryan wrote: »

Can anybody please give me there opinion on what will happen if the Euro fails! should i change my savings from Euros to Pound Sterling just in case? Thanks

tbh anybody with the right advice to give you here will probably keep it to themselves. I do strongly think however that it's good advice to look much further afield than sterling. If I had the money I'd look into the Chinese Yuan, if the Chinese government ever leave it float freely it's going to skyrocket.

westtip wrote: »

whilst we were borrowing money to buy apartments in Bulgaria, semi detached "investments" in Longford, and collecting apartments like kids collect bubble gum cards -they were busy saving.

I'm not having a dig at you personally as have seen many people say it - but I do get a bit tired at this 'we' business - like it seems to be assumed that every single one of us was splashing the cash around - not everyone had the cash to splash around to buy 2 or 3 inflated priced apartments, but by the looks of things those who weren't party to the insanity are going to suffer along with everyone else in Ireland.

jayteecork

Atilathehun wrote: »

Check out Norway, for an extremely stable economy. The global economic crisis of the past few years, barely had any kind of effect on them.
Norwegian Krones anyone?

Probably because they didn't give away their oil and gas reserves for free.

Heisenberg.

This post has been deleted.

keithclancy

jayteecork wrote: »

Probably because they didn't give away their oil and gas reserves for free.

Bit of a difference there, the Government owned company Statoil extracts and operates the oil and gas fields there.

Ireland has no such company.

jayteecork

keithclancy wrote: »

Ireland has no such company.

Why not when there's a trillion worth of oil and gas in our waters?

keithclancy

jayteecork wrote: »

Why not when there's a trillion worth of oil and gas in our waters?

Well the Norwegians have 38 years of experience doing it.
Unfortunately from my understanding of it, the Oil is 'offshore' for a start and uses drilling techniques that are quite advanced.

Oil companies invest massive amounts of capital in exploration, if the Irish Government started up an Oil Company BEFORE it was known that Oil existed there people would have said they were mental.

Shell paid for the exploration, you can't just say 'Cheers lads now f*ck off'

Bullseye1

Is it possible to hold a foreign currency account with the banks?

jayteecork

keithclancy wrote: »

Well the Norwegians have 38 years of experience doing it.
Unfortunately from my understanding of it, the Oil is 'offshore' for a start and uses drilling techniques that are quite advanced.

Oil companies invest massive amounts of capital in exploration, if the Irish Government started up an Oil Company BEFORE it was known that Oil existed there people would have said they were mental.

Shell paid for the exploration, you can't just say 'Cheers lads now f*ck off'

Why not ask the Norway government for assisstance, offer them a generous deal.

Instead of just giving the lot to Shell.

Ah well what the fk do I know, but I imagine there were some serious brown envelopes exchanged back then.