If the Euro goes bust ...

IvaBigWun

What happens our bank savings?

Snakeblood

IvaBigWun wrote: »

What happens our bank savings?

I'm investing all my money in German hardcore pornography.

MagicMarker

We use the savings to teach people about the word ''to''.

Lord TSC

I've been told they just get converted back to whatever currency we go to.

The_Kew_Tour

The Government gives it to the Bond Holders cause they deserve it.

Oranage2

Saving?

What are these savings you talk about and how do I get them?

Dotrel

IvaBigWun wrote: »

What happens our bank savings?

https://www.youtube.com/watch?v=RAKsMnAM8vk

Emiko

I was reading about Danish banks offering savings accounts, which will return at the same exchange rate you enter into them should the Euro go bust.

You could try there, OP.

geetar

we get a new currency, the euro gets valued against this new currency.

unfortunately we will lose like 20% of our money in the change over.

dj jarvis

you will lose

the euro saving will convert back to the punt , ( this will now be worth less that what it was pegged at when we changed )
then quick as a flash we will devalue - then the currency markets will go after us because its a weak currency - so it will devalue more and so the cycle will begin

couple that with HYPER inflation and the perfect storm of the irish central bank will now set the interest rate for borrowing and mortgages,
remember 15% anyone ( i have to be careful because i got accused of being condescending on a different thread because i asked if anyone remembered these " good old times " of the irish currency crisis of the late 70's and mid 80's )

now if that was not bad enough ALL our debts to banks and the IMF and EMF and ECB will stay in euro - remember this !!
so we will end up owing MORE than we owe now , paying back with a virtually useless currency with nothing 2 back it up

so now we have to peg it against sterling which mark my words is almost as worthless as the punt will be

bring on HM treasury's quantitative easing mark II - and bingo we are super fecked

so as i said in a earlier post , hate that we are in the euro in the first place BUT we are better in than out for the moment - if it goes tit's up at least we are all in it

the financial sharks will be ALL OVER weak currency's

the punt - drachma - escudo - lira just to name a few

bnt

IvaBigWun wrote: »

What happens our bank savings?

Depends on exactly what happens, and when. If Ireland has to re-start the Punt, they'll have to be careful to get the initial exchange rate right. If they get it wrong ... all the money in Ireland heads to Germany the day before, and/or massive inflation. :eek:

(It's not quite that simple, but this is AH, after all!)

starlit

The Euro is already busht! Cagh-ching! Bring back the punt!:D

Chuck Stone

He he 'bust'.. you said 'bust'

Juwwi

dj jarvis what currency would u reccommend people change their savings to if they wanted to be cautious?

Eric Cartman

robbie1977 wrote: »

dj jarvis what currency would u reccommend people change their savings to if they wanted to be cautious?

swiss francs , the only safe one

CrazyRabbit

The Euro isn't going anywhere. But the 'story' helps sell newspapers.

UnitedIrishman

dj jarvis wrote: »

you will lose

the euro saving will convert back to the punt , ( this will now be worth less that what it was pegged at when we changed )
then quick as a flash we will devalue - then the currency markets will go after us because its a weak currency - so it will devalue more and so the cycle will begin

etc etc

So say for instance, you were able to change your savings over to the pound - maybe through an account in the UK, would you be far better off? I know the pound is struggling right now but if things go tits up with the Euro, then afterwards you'd be able to change back and get far more for it.

If that makes any sense.

dj jarvis

Eric Cartman wrote: »

swiss francs , the only safe one

\
not Swiss franc either , they are currently buying billions of EUROS at the moment because everyone was putting savings and bank reserves into Swiss francs - thus making it very strong - this has the affect of near ruining the Swiss economy

no one was buying Swiss goods or services - the currency was far 2 strong

believe it or not i would stick with euro for the time being - because the weaker the euro the better we are as a exporting nation , cheaper for the non EU country's to purchase from us or visit as tourists

this is why some believe Germany is dragging its feet - it is only doing well because of the weak euro - take that away and its economy will start to slide like the rest of us - couple that with its MASSIVE bank exposure and the mighty germans could do a japan and stagnate for a decade

We ALL need this currency to stay working and stay weak for at least 4/5 years to allow struggling country's stabilize

to put it into a football context - you never change a player when your defending a set piece - wait till all is calm

if i knew definitively what currency was going to weather this perfect storm i would put all my cash into it and i would be typing this from a solid gold laptop , but alas im broke and i dont know so im as ****ed as the rest of ya !!!

dj jarvis

UnitedIrishman wrote: »

So say for instance, you were able to change your savings over to the pound - maybe through an account in the UK, would you be far better off? I know the pound is struggling right now but if things go tits up with the Euro, then afterwards you'd be able to change back and get far more for it.

If that makes any sense.

depends on the exchange rates you get converting from euro to sterling then back from sterling to the punt

the charges and exchange rate COULD negate any " profit " for want of a better word

i would lean towards other euro country's like Holland or Finland , they are not in trouble and if the euro goes bang the cross over rate would be better for these currency's ( get more guilders or markka for your euro than you will sterling or punt )

trick is getting a account in these country's

and this is assuming the euro goes bang - i dont think it will
might morph into a two tier currency or something of the like but
vanish ?? its so apocalyptic i shudder 2 think
most people just don't get the ramifications of it going :eek:

cosmicfart

IvaBigWun wrote: »

What happens our bank savings?

they go into the credit Union, where they should have been in the first place

Juwwi

cosmicfart wrote: »

they go into the credit Union, where they should have been in the first place

Alot ofthe credit unions are in trouble I would'nt be using them for saving money.

LaFlammeRouge

Invest your money into something tangible, like crude oil. Currencies are supported by trust. Investors have lost trust in the Euro.

chicken fingers

wrong way around.
The money you have in the CU, well they have it in banks...

thebman

If the Euro goes bust...

https://www.youtube.com/watch?v=_W_u4UTvk9w

cosmicfart

that 'big tits' thread just got me thinking what if the Euro goes Bust? Its totally perspective the answer I guess!

have2flushtwice

I think we are stuck in the eurozone area in relation to what currencies to relocate to...
in most threads, the options have been within the eurozone, and not the euro.
there is no mention of looking further afield, eg get NZ dollars in your local, put it into a safety deposit box, and sit tight.

dj jarvis wrote: »

\
not Swiss franc either , they are currently buying billions of EUROS at the moment because everyone was putting savings and bank reserves into Swiss francs - thus making it very strong - this has the affect of near ruining the Swiss economy

no one was buying Swiss goods or services - the currency was far 2 strong

believe it or not i would stick with euro for the time being - because the weaker the euro the better we are as a exporting nation , cheaper for the non EU country's to purchase from us or visit as tourists

this is why some believe Germany is dragging its feet - it is only doing well because of the weak euro - take that away and its economy will start to slide like the rest of us - couple that with its MASSIVE bank exposure and the mighty germans could do a japan and stagnate for a decade

We ALL need this currency to stay working and stay weak for at least 4/5 years to allow struggling country's stabilize

to put it into a football context - you never change a player when your defending a set piece - wait till all is calm

if i knew definitively what currency was going to weather this perfect storm i would put all my cash into it and i would be typing this from a solid gold laptop , but alas im broke and i dont know so im as ****ed as the rest of ya !!!

4leto

IvaBigWun wrote: »

What happens our bank savings?

You will lose them, unless you move them to another non Euro bank.

And that is the problem everyone else with saving will do this, so this flight of capital will effectively mean there will be no bank.

The Irish banks will go bust.

People have some strange ideas as to what happens if the Euro fails, they range from we will just switch to the punt and everything will be the way it was. It wont be it will be an unmitigated world economic disaster, a raw panic, a breakdown of our economic system, a depression with the likes the world has never seen,

But it wont be allowed to happen. People we really do not want the Euro to fail.

Celly Smunt

The Euro won't be allowed to fail,if anything it will be tweaked,Economics isn't science,it can be bent and mended.

dj jarvis

well looks like my prediction on the English and QE2 was on the money

75 billion extra printed - makes the currency even more worthless than it was.
so IF the euro goes and we get the punt back - it will be pegged along side sterling - another disastrous move for Ireland.

Greece will default - but might be allowed to stay in the euro,
the banks ALREADY are tapping sovereign funds to cover the loss from Greek debt

funny thing is Ireland is at the bottom of its fiscal crisis - we know what we owe - we know the banks exposure and they are ready for a big fall if it happens, so in a strange way Ireland is probably best placed to weather a banking crisis because we have 99.9% of the ground work done

the rest of Europe are a year or two behind us in this regard - so watch this space, it could yet be Ireland that has the last laugh,

we don't need anywhere near the estimates from 2008 ( poss even 50% less ) , nama MIGHT make a small profit or at least break even

if the troika plan works, in two years Ireland will have the lowest government deficit in Europe - we are more competitive than 4 years ago,


i would not be breaking out the shampers by any means , but intresting times ahead for ireland ,

we could surprise the world yet - or we could blow it again :eek:

Gee Bag

Eric Cartman wrote: »

swiss francs , the only safe one

Ah yes, the only currency in the world backed by stolen gold teeth!

Mike 1972

Someone told me theres a big shortage of helium coming up in America or something.

They might have been talking through their vagina though ?

sierra117x

dj jarvis wrote: »

you will lose

the euro saving will convert back to the punt , ( this will now be worth less that what it was pegged at when we changed )
then quick as a flash we will devalue - then the currency markets will go after us because its a weak currency - so it will devalue more and so the cycle will begin

couple that with HYPER inflation and the perfect storm of the irish central bank will now set the interest rate for borrowing and mortgages,
remember 15% anyone ( i have to be careful because i got accused of being condescending on a different thread because i asked if anyone remembered these " good old times " of the irish currency crisis of the late 70's and mid 80's )

now if that was not bad enough ALL our debts to banks and the IMF and EMF and ECB will stay in euro - remember this !!
so we will end up owing MORE than we owe now , paying back with a virtually useless currency with nothing 2 back it up

so now we have to peg it against sterling which mark my words is almost as worthless as the punt will be

bring on HM treasury's quantitative easing mark II - and bingo we are super fecked

so as i said in a earlier post , hate that we are in the euro in the first place BUT we are better in than out for the moment - if it goes tit's up at least we are all in it

the financial sharks will be ALL OVER weak currency's

the punt - drachma - escudo - lira just to name a few

unless we change to the British pound rather than our own punt. there was talk before of a changeover and it could be a nice safety net for us as its not going as bad as the euro is at the moment from what i hear

4leto

dj jarvis wrote: »

well looks like my prediction on the English and QE2 was on the money

75 billion extra printed - makes the currency even more worthless than it was.
so IF the euro goes and we get the punt back - it will be pegged along side sterling - another disastrous move for Ireland.

Greece will default - but might be allowed to stay in the euro,
the banks ALREADY are tapping sovereign funds to cover the loss from Greek debt

funny thing is Ireland is at the bottom of its fiscal crisis - we know what we owe - we know the banks exposure and they are ready for a big fall if it happens, so in a strange way Ireland is probably best placed to weather a banking crisis because we have 99.9% of the ground work done

the rest of Europe are a year or two behind us in this regard - so watch this space, it could yet be Ireland that has the last laugh,

we don't need anywhere near the estimates from 2008 ( poss even 50% less ) , nama MIGHT make a small profit or at least break even

if the troika plan works, in two years Ireland will have the lowest government deficit in Europe - we are more competitive than 4 years ago,


i would not be breaking out the shampers by any means , but intresting times ahead for ireland ,

we could surprise the world yet - or we could blow it again :eek:

We wont be able to, it will have to free float on the market without our control we haven't sufficient gold or foreign reserves to peg it to even the Peso.

Also with the preceding flight of capital before the fall, we would be blocked from the money markets.

There is nothing we could do, it really will be an economic catastrophe for not just us, the world.

SafeSurfer

If these events unfold Ireland will be screwed despite our headstart in bank capitalisation, austerity etc.

European economy in trouble, world economy in trouble, exports down, we are betting everything on an export lead recovery because austerity has made the domestic economy so weak.

dj jarvis wrote: »

well looks like my prediction on the English and QE2 was on the money

75 billion extra printed - makes the currency even more worthless than it was.
so IF the euro goes and we get the punt back - it will be pegged along side sterling - another disastrous move for Ireland.

Greece will default - but might be allowed to stay in the euro,
the banks ALREADY are tapping sovereign funds to cover the loss from Greek debt

funny thing is Ireland is at the bottom of its fiscal crisis - we know what we owe - we know the banks exposure and they are ready for a big fall if it happens, so in a strange way Ireland is probably best placed to weather a banking crisis because we have 99.9% of the ground work done

the rest of Europe are a year or two behind us in this regard - so watch this space, it could yet be Ireland that has the last laugh,

we don't need anywhere near the estimates from 2008 ( poss even 50% less ) , nama MIGHT make a small profit or at least break even

if the troika plan works, in two years Ireland will have the lowest government deficit in Europe - we are more competitive than 4 years ago,


i would not be breaking out the shampers by any means , but intresting times ahead for ireland ,

we could surprise the world yet - or we could blow it again :eek:

starbelgrade

dj jarvis wrote: »

( i have to be careful because i got accused of being condescending on a different thread because i asked if anyone remembered these " good old times " of the irish currency crisis of the late 70's and mid 80's )

No hard feelings, I hope?

Mark200

geetar wrote: »

we get a new currency, the euro gets valued against this new currency.

unfortunately we will lose like 20% of our money in the change over.

Try multiply that by 4.9

starbelgrade

Mark200 wrote: »

Try multiply that by 4.9

€0 x 4.9 = 0

Plenty of known alls on here.

investment

<<<<<<<Its all about the Investment.. Oh yeah baby

Money comes and goes, but Land stays forever

dj jarvis

starbelgrade wrote: »

No hard feelings, I hope?

LOL none at all ( ya stalker )