Sovereign Debt Crisis - Euro Collapse in 2011?

Skopzz

The Euro crisis and the potential Euro currency collapse.

I am hoping to transfer most of my Euro savings into another safer currency, but how can this be done? Isn't there an Irish law or something that prevents 'non-resident' bank accounts in another country?

The continued sovereign debt crisis is somewhat chilling. Bond yields for Spain aren't improving and if Spain gets a pounding like Ireland did, there won't be enough bailout funds to rescue Spain from the risk of a default on it's debt. That would most likely collapse the Euro currency.

ravima

you can put your money into whatever country/currency you wish. You must declare any interest to Revenue.

irishh_bob

Skopzz wrote: »

The Euro crisis and the potential Euro currency collapse.

I am hoping to transfer most of my Euro savings into another safer currency, but how can this be done? Isn't there an Irish law or something that prevents 'non-resident' bank accounts in another country?

The continued sovereign debt crisis is somewhat chilling. Bond yields for Spain aren't improving and if Spain gets a pounding like Ireland did, there won't be enough bailout funds to rescue Spain from the risk of a default on it's debt. That would most likely collapse the Euro currency.

judging by what various commentators were saying only two months ago , the euro should have collapsed by now , instead , the euro has had a huge rally , i put savings in dollars at the end of november, made some gains for the 1st three weeks but have lost quite a bit in the past six weeks , if you plan to change to a different currency , id go with either the australian dollar , the canadian dollar or the swiss franc , the american dollar is far too volatile

Skopzz

irishh_bob wrote: »

judging by what various commentators were saying only two months ago , the euro should have collapsed by now , instead , the euro has had a huge rally , i put savings in dollars at the end of november, made some gains for the 1st three weeks but have lost quite a bit in the past six weeks , if you plan to change to a different currency , id go with either the australian dollar , the canadian dollar or the swiss franc , the american dollar is far too volatile

The AUD exchange rate is similar to the USD against the Euro.

Either the CHF or maybe in Gold. Has anyone transferred savings into either of these? Any advice?

irishh_bob

Skopzz wrote: »

The AUD exchange rate is similar to the USD against the Euro.

Either the CHF or maybe in Gold. Has anyone transferred savings into either of these? Any advice?

gold has been dropping like a stone since before xmas , bar a resurfacing of the eurozone crisis , thier is absolutley nothing to drive gold up at the moment , what with the global economy and more importantly , the american economy recovering well , speculators - banks - investors have dumped gold and moved on to food commodities and equities , gold is in for a correction this year by the looks of things , had to happen , it rose for nine years straight

as for the aussie dollar being on a par with the u.s dollar against the euro , irellevant , the aussie dollar has risen against all major currencys this past twelve months , the american dollar has weakened against most

Skopzz

irishh_bob wrote: »

gold has been dropping like a stone since before xmas , bar a resurfacing of the eurozone crisis , thier is absolutley nothing to drive gold up at the moment , what with the global economy and more importantly , the american economy recovering well , speculators - banks - investors have dumped gold and moved on to food commodities and equities , gold is in for a correction this year by the looks of things , had to happen , it rose for nine years straight

as for the aussie dollar being on a par with the u.s dollar against the euro , irellevant , the aussie dollar has risen against all major currencys this past twelve months , the american dollar has weakened against most

But changing EUR savings into AUD then back again would be the same as doing so in USD. The exchange rate is virtually similar to USD. I need a stable currency that does not strengthen much against the Euro because then, I would be loosing money. Basically, a stable currency that retains a reasonably level rate against the Euro. The AUD has sharply strengthened against the Euro, however.

Source: http://www.xe.com/currencycharts/?from=EUR&to=AUD&view=2Y

See?

colsku

What you're looking for is one of the Scandinavian currencies, NOK would be my recommendation as it's also linked (not formally) to the price of gold...

irishh_bob

Skopzz wrote: »

But changing EUR savings into AUD then back again would be the same as doing so in USD. The exchange rate is virtually similar to USD. I need a stable currency that does not strengthen much against the Euro because then, I would be loosing money. Basically, a stable currency that retains a reasonably level rate against the Euro. The AUD has sharply strengthened against the Euro, however.

Source: http://www.xe.com/currencycharts/?from=EUR&to=AUD&view=2Y

See?

the euro is strong at the moment , as is the aussie dollar . were you to buy aussie dollars and that currency strengthens against the euro over the next year , you will be able to buy back more euro than you started off with