What Happens if/when Greece Defaults to ireland and to my savings ?

clint123

Its looking now like only a matter of time before Greece defaults
what will happen to Ireland if/when they do ?
and what will happen to my savings ?
I have 30k in the 10yr state savings, I know they say they gaurentee it up to 100k. but come on lets face it,,,, how would really get it back, and how long would ya wait !!!..

anybody else worried about savings/euro's ?

Comordha

What happens to Ireland?

Nothing immediately, the markets will probably turn on us and our growing debt which would leave us locked out of the markets for longer so if we stay our current path we'll be getting a TROIKA bailout Part DEUX.
We may decide to get on with things ourselves and leave the EURO. Prof. Ray Kinsella, a respected economist has come out today and said that we should.

What happens to your savings?

Nothing.
If we leave the EURO your savings are converted to the new currency, lets say punt but so are debts and everything else so you are still as well off as you were in Ireland. Abroad your money will become worthless very quickly so holidays, buying things online etc will be much more expensive in the short-medium term until the new punt becomes competitive and sought after.

Fear not my friend, life is too short.

homer911

Comordha wrote: »

Fear not my friend, life is too short.

+1

No point in worrying about things you have no control over. They may or may not happen.

Tech3

Diversify. Dont have all your capital in cash. Look at Shares/ Bonds/ Commoditities etc.

Sysmod

All my pension funds, due to mature this year, are in cash funds as they should be at this stage. For people at an earlier stage, a mix is advisable.

So, should I move the 25% cash portion to Germany to keep them in euros? Or Switzerland for CHF?

What should we call the púnt nua? The Éiri ?

Think of all the IT and systems changes; maybe IT contractors will have some work even if we're to be paid in éiri or shells :-)

mickman

Comordha wrote: »

What happens to Ireland?

Nothing immediately, the markets will probably turn on us and our growing debt which would leave us locked out of the markets for longer so if we stay our current path we'll be getting a TROIKA bailout Part DEUX.
We may decide to get on with things ourselves and leave the EURO. Prof. Ray Kinsella, a respected economist has come out today and said that we should.

What happens to your savings?

Nothing.
If we leave the EURO your savings are converted to the new currency, lets say punt but so are debts and everything else so you are still as well off as you were in Ireland. Abroad your money will become worthless very quickly so holidays, buying things online etc will be much more expensive in the short-medium term until the new punt becomes competitive and sought after.

Fear not my friend, life is too short.

well said - life is too short. nothing you can do about any of this mess except watch and learn.

bbam

mickman wrote: »

well said - life is too short. nothing you can do about any of this mess except watch and learn.

:eek::eek:

I'd have similar concerns to OP...
Have managed over the last while to accrew a nice lump sum in the bank.. I now however worry about what to do with it to protect it...

Thinking of putting €10K each into two of the 10 year govt savings plans for the kids college funds..

What to do with the rest ?? This is cash I'll never gather up again so I don't want to sit back and wait to see if it's decimated by any financial wranglings down the road...
How do I diversify ~€50K to protect it ??

DrPhilG

I have similar concerns for my father.

He has nearly 300k in an investment account, (secure investment i.e. it isn't guaranteed to make money but it is guaranteed not to lose value).

Was just wondering what happens to it if the much discussed € crash happened. I have a lump sum myself too but nowhere near as big.

FISMA

clint123 wrote: »

Its looking now like only a matter of time before Greece defaults
what will happen to Ireland if/when they do ?
and what will happen to my savings ?
I have 30k in the 10yr state savings, I know they say they gaurentee it up to 100k. but come on lets face it,,,, how would really get it back, and how long would ya wait !!!..

anybody else worried about savings/euro's ?

The buzz they are spinning in the States is that the European problem is not a €uro problem but a sovereign problem. They're trying hard to differentiate between the two.

We are all expecting Greece to default. That is already priced into the market. Of course if/when it happens, the market will react.

The bigger wild cards are an Italian default and French banks.

So, I would not worry about a Greek default when it comes to your savings.

srsly78

DrPhilG wrote: »

I have similar concerns for my father.

He has nearly 300k in an investment account, (secure investment i.e. it isn't guaranteed to make money but it is guaranteed not to lose value).

Was just wondering what happens to it if the much discussed € crash happened. I have a lump sum myself too but nowhere near as big.

Split that up quickly. Put 100k in 3 different accounts so he is covered by guarantee.

DrPhilG

srsly78 wrote: »

Split that up quickly. Put 100k in 3 different accounts so he is covered by guarantee.

Can't split it for a few years or he'd get huge penalties. He can withdraw €30k a year though without penalty so he's going to do that in the meantime.

Pandora2

TV3 9.30am news....Greece have announced they are unlikely to meet 2011/12 budgetary targets, go figure:rolleyes:

Game on!!