Savings in the banks if the Euro fails?

gifted

What happens to savings in the banks if the Euro currency fails? We know that the government will guarantee any savings that you have in the bank if that fails but what happens if the Euro fails?.

stupidusername

but.... what if it wins?

landsleaving

If the euro fails.

If the euro currency fails.



If the post fails.

Kasabian

World War £

Benny_Cake

gifted wrote: »

What happens to savings in the banks if the Euro currency fails? We know that the government will guarantee any savings that you have in the bank if that fails but what happens if the Euro fails?.

Presumably your savings would be converted into the new currency at 1:1 - the new currency would fall in value very quickly though.

Oranage2

Who keeps Euro anymore?

Sure my local shop only excepts Dollars and Renminbis now.

landsleaving

If it fails and savings go, will my overdraft fail too?

Kasabian

Should we align ourselves with Sterling or go back to the Púnt.

Personally I think we should return to bartering.

Benny_Cake

Kasabian wrote: »

Should we align ourselves with Sterling or go back to the Púnt.

Personally I think we should return to bartering.

Bricquettes or packs of Tayto perhaps.

MungBean

You lose

Columbia

I've been trying to think about this. I have a bank account open outside the eurozone so I'm wondering about moving half my savings over here.

Duggy747

I keep all my money in my underwear.

The look on some cashiers when I hand it to them. What, so it's a little brown, it's still legal tender!

pragmatic1

Take your money out and buy gold.

NoHornJan

pragmatic1 wrote: »

Take your money out and buy gold.

Not such a good idea. Some say it has peaked or nearly peaked and will be on the decline very soon.

MungBean

Buy oil. Euro fails, Iran gets invaded and you make a mint selling 5 gallon drums out of the back of a van at the car boot sale of a sunday.

pragmatic1

NoHornJan wrote: »

Not such a good idea. Some say it has peaked or nearly peaked and will be on the decline very soon.

Doubt it with the state of the world economy. If the euro goes the price of gold will soar.

starviewadams

Yeah,what will happen to my €10!

ejmaztec

The new currency will be the red poppy.









:pac:

Sticky_Fingers

MungBean wrote: »

Buy oil. Euro fails, Iran gets invaded and you make a mint selling 5 gallon drums out of the back of a van at the car boot sale of a sunday.

Two problems, no one knows what a gallon is, we use the metric system and selling fuel without a license is just a wee bit illegal.

Mr Trade In

The metric system is the tool of the devil.

MungBean

Sticky_Fingers wrote: »

Two problems, no one knows what a gallon is, we use the metric system and selling fuel without a license is just a wee bit illegal.

When the Euro goes we will revert back to shillings and sixpences and the metric system will soon lose favour.

And visit the Un-Yoke in Wexford on a Sunday morning and you wont even know Ireland has laws on dodgy selling let alone knows how to enforce them.

ShadowHearth

I invest my money in to caned food.

MungBean

ShadowHearth wrote: »

I invest my money in to caned food.

Pass the time I suppose but I dont see what kind of a return you'd get other than breakin the shíte out of your shoppin.

Professey Chin

Kasabian wrote: »

Should we align ourselves with Sterling or go back to the Púnt.

I thought this said should we align ourselves with Sting and I was wondering whats he gonna do?
(Both the singer and the wrestler)

Saila

pragmatic1 wrote: »

Doubt it with the state of the world economy. If the euro goes the price of gold will soar.

why do you think that?

Heisenberg.

This post has been deleted.

questionmark?

Split you savings between euro, Sterling, yank money and bags of Tayto's!

Dotrel

Is there a chance the track could bend?

foxyboxer

NoHornJan wrote: »

Not such a good idea. Some say it has peaked or nearly peaked and will be on the decline very soon.

December 2012. Gold per ounce hits record high.

Ah the joys of predicting the financial markets.

foxyboxer

If the Euro fails, then the Chinese will be very unhappy. What with the few trillion of them they have in reserve. :eek:

Frank Black

The safest bet is to not have any savings, then you don't have to worry about it.

Saila

black francis wrote: »

The safest bet is to not have any savings, then you don't have to worry about it.

yeah spend it all!

wait, thats you enda isnt it

galwayrush

black francis wrote: »

The safest bet is to not have any savings, then you don't have to worry about it.

Phew, so i'll be ok then.:pac:

D

pragmatic1 wrote: »

Take your money out and buy gold.

Gold is inflated at the moment, its too late to buy, that said if you bought a year ago you're fine. You are better off getting silver or platinum.

pragmatic1

Saila wrote: »

why do you think that?

Because people buy gold in a recession as its seen as a safe option.

TheyKnowMyIP

Park your money in an offshore account where the government has no access to. It's not rocket science ffs.

MungBean

TheyKnowMyIP wrote: »

Park your money in an offshore account where the government has no access to. It's not rocket science ffs.

Think the OP is more worried about the value of his savings if the Euro fails than the government stealing it on him.

TheyKnowMyIP

MungBean wrote: »

Think the OP is more worried about the value of his savings if the Euro fails than the government stealing it on him.

The end result is that he loses by not keeping his money in an offshore account. Does not matter if the value plummets or the government steals it from him, he will still be out of pocket.

FWIW, I strongly advise anybody worried about the mess to move their money out of the EU as far away from their grubby paws. Short of burying it in an undisclosed location. That would work too.

syklops

All my savings are in the Czech Koruna.

Strongest economy in Europe.

I did something right for a change , wish I had more than 5000 though

Where To

I'll give all of you €100 if the euro fails

oppenheimer1

syklops wrote: »

All my savings are in the Czech Koruna.

Strongest economy in Europe.

I did something right for a change , wish I had more than 5000 though

Not wise to have all in one currency. A good currency to also be in is the swiss franc. The swiss central bank has committed to keeping the currency stable so while you won't gain anything you shouldn't loose much either.

ejmaztec

syklops wrote: »

All my savings are in the Czech Koruna.

Strongest economy in Europe.

I did something right for a change , wish I had more than 5000 though

I've got a few thousand of those kicking around. Shall we go 50/50 and buy Ireland?

Dartz

Your safest bet is to get your savings out of the bank as quickly as possible, before everyone else gets the same idea and leaves the banks with no money to pay YOU.

Run.... run to the banks now!

LighterGuy

gifted wrote: »

What happens to savings in the banks if the Euro currency fails? We know that the government will guarantee any savings that you have in the bank if that fails but what happens if the Euro fails?.

If you had an example of €30,000 and the euro crashes or in the event Ireland reverts back to Punt. Your 30k isnt worth crap to what it previously held. After all the value of currency changes.

kowloon

Slabs of 12-gauge shells will become the new currency.

On the roads it'll be a white line nightmare...



If you wait for the Euro to collapse you might be too late to buy gold, but if you buy it now and the Euro doesn't collapse you could be stuck at the peak. A lot of the rise in gold can be attributed to specualtion on the Euro already playing out.

Of course I don't know **** about these things. If I did I'd be cruising about in my Learjet and not posting from my rat infested hovel telling everyone my secrets.

homerjay2005

the euro wont fall. it wont be allowed to.its a scare tactics and bulls*it.

orourkeda

Duggy747 wrote: »

I keep all my money in my underwear.

The look on some cashiers when I hand it to them. What, so it's a little brown, it's still legal tender!

Good idea. If it fails it'll probably only be good for wiping ones arse with anyway

Orando Broom

pragmatic1 wrote: »

Take your money out and buy gold.

Gold is about to tank. Italy has a huge reserve of gold and will flood the market if the contagion creeps onto their doorstep. Gold by May could be cheaper than chocolate.

The gold advice is two years old.