Could Friday really signal the end of the Euro???

harryoharra

I have 18k in savings sitting in my bank a/c. I am worried about the euro collapsing/devaluing etc. I opened a sterling bank a/c up north but I havent done the transfer yet as I fear the fx rate both ways could screw me if the euro survives and grows stronger. I am also considering buying gold as a short term option until the euro makes or breaks. I have been reading loads of peoples opinions from economists etc, and no-one seems to know what will happen. So does anyone really believe that Friday is crunch day and the euro could be gone by Monday?
In other words do I need to bite the bullet here or have I more time?

Gurgle

harryoharra wrote: »

I have 18k in savings sitting in my bank a/c. I am worried about the euro collapsing/devaluing etc. I opened a sterling bank a/c up north but I havent done the transfer yet as I fear the fx rate both ways could screw me if the euro survives and grows stronger. I am also considering buying gold as a short term option until the euro makes or breaks. I have been reading loads of peoples opinions from economists etc, and no-one seems to know what will happen. So does anyone really believe that Friday is crunch day and the euro could be gone by Monday?
In other words do I need to bite the bullet here or have I more time?

Sterling? When the euro goes down sterling is going down with it.
Forget bank accounts, demand cash.
The only safe currency is Chinese Yuan. But EVERYBODY is changing all their euro, sterling and dollar savings to Yuan. Call your bank right now and tell them its urgent as you're flying on Saturday. Otherwise you won't get it in time.

heate

China is the last place money should be stashed.
Either put your money in a secure bank account - find a stable bank in EEA and open a euro account with them.
Or alternatively revert to safe haven that is Switzerland and buy CHF.
But the euro failing has been mooted for ages now and I just cannot see any possible advantage for stronger nations to let it fold - measures introduced by the eu and the ecb is all that will happen!
Relax

harryoharra

Gurgle wrote: »

Sterling? When the euro goes down sterling is going down with it.
Forget bank accounts, demand cash.
The only safe currency is Chinese Yuan. But EVERYBODY is changing all their euro, sterling and dollar savings to Yuan. Call your bank right now and tell them its urgent as you're flying on Saturday. Otherwise you won't get it in time.

Thanks for the reply. So you believe the euro is doomed? Who is EVERYBODY referring to re: savings to Yuan? How much in cash can a bank realistically give you?

As I said very hard to know what to do for your average Joe, who, granted, is learning fast about the financial markets, but just wants to hold onto his hard earned savings!

Gurgle, thanks for the reply, do you also believe that the Yuan is a safe currency - in cash I mean not a banck a/c ?

Gurgle

That post was made by an experimental sarcasm generator. I'm chalking this test up as a FAIL, and going back to the drawing board.

Maybe you could invest your savings in my sarcasm generator?

SyntonFenix

harryoharra wrote: »

Gurgle, thanks for the reply, do you also believe that the Yuan is a safe currency - in cash I mean not a banck a/c ?

1. Buy gold and/or silver coins
2. Sell on Ebay when required

harryoharra

Gurgle wrote: »

That post was made by an experimental sarcasm generator. I'm chalking this test up as a FAIL, and going back to the drawing board.

Maybe you could invest your savings in my sarcasm generator?

very helpful, thanks.

irishh_bob

harryoharra wrote: »

Thanks for the reply. So you believe the euro is doomed? Who is EVERYBODY referring to re: savings to Yuan? How much in cash can a bank realistically give you?

As I said very hard to know what to do for your average Joe, who, granted, is learning fast about the financial markets, but just wants to hold onto his hard earned savings!

Gurgle, thanks for the reply, do you also believe that the Yuan is a safe currency - in cash I mean not a banck a/c ?

that poster was joking , you wont be able to open a YUAN savings account as the chineese goverment dont as yet allow it

patwicklow

well it will fall if every one starts taking the euro out of the banks thats for certain

Idu

Why this Friday?

dearg lady

yeah, am wondering why friday too? Have heard it's likely to happen soon, but who knows...

royaler83

dearg lady wrote: »

yeah, am wondering why friday too? Have heard it's likely to happen soon, but who knows...

If it were likely to go soon why is the euro/usd still above 1.33, it would have plummeted in recent days/weeks if 'the market' really thought it would go

bangra bangra

Gurgle wrote: »

Sterling? When the euro goes down sterling is going down with it.
Forget bank accounts, demand cash.
The only safe currency is Chinese Yuan. But EVERYBODY is changing all their euro, sterling and dollar savings to Yuan. Call your bank right now and tell them its urgent as you're flying on Saturday. Otherwise you won't get it in time.

Could you explain why you think that if the euro goes down, sterling will go aswell? I have a fairly large sum in a deposit account in Ireland at the moment and was thinking of transferring it to a uk account I have had for a few years, thought sterling would be a safe bet?

dearg lady

royaler83 wrote: »

If it were likely to go soon why is the euro/usd still above 1.33, it would have plummeted in recent days/weeks if 'the market' really thought it would go

well 'the market' doesn't always get these things right either. Anyway, I'm not well up on the subject myself, just have heard this from a few sources now

FlashD

Yawn...Friday will come and go and the Euro will still be with us...chill out everyone.

bangra bangra

FlashD wrote: »

Yawn...Friday will come and go and the Euro will still be with us...chill out everyone.

Enda is that you?:pac:

Bullseye1

What is it with all these hyberbole threads lately?

bored reader

Vincent Browne and the likes are doing an excellent job in scare mongering the irish people for 3 years now and making a very good living out of it.
Not full sure of my figures but it has been stated that over 80 billion of irish deposits have moved off shore.
Had that money remained in the country we'd be in a lot healthier situation.
We are an extention of Germany France Etc and they or the world do not
want to see a collapse.
Bad news sells very well.
Transfer your funds if you like but deposit rates in Ire banks are not far off
the others.
Obviously get professional advise.
Just my 2 cent

foxyboxer

The Euro for Ireland is not going anywhere.

If anything demands will be made on Friday for a referendum change for more fiscal integration with 2 options for Ireland (a) ratify it or (b) Auf Wiedersehen. Cue punt nua, people's hard earned savings wiped out.

If the Irish government are stupid enough to go route B then chaos will reign. And it is the government's duty to ensure that such a scenario doesn't happen.

People say Irish people won't protest. Wipe out their savings and that would certainly change and they won't be protesting rather revolting.

Cavanjack

FlashD wrote: »

Yawn...Friday will come and go and the Euro will still be with us...chill out everyone.

Correct. It's going to cost less for Germany to save the euro than to let it fail so it will be saved. Media arn't helping things eighter talking about buying sterling ,dollars and gold. 12 months ago euro was $1.33 today it's $1.34. If it was going to Fail it wouldn't be worth near this.

Alibaba

I'd say there's no need to worry about the euro going down as it will be the very last resort for them to let it go, as it would be an absolute catastrophe for the world economy.

soterpisc

harryoharra wrote: »

I have 18k in savings sitting in my bank a/c. I am worried about the euro collapsing/devaluing etc. I opened a sterling bank a/c up north but I havent done the transfer yet as I fear the fx rate both ways could screw me if the euro survives and grows stronger. I am also considering buying gold as a short term option until the euro makes or breaks. I have been reading loads of peoples opinions from economists etc, and no-one seems to know what will happen. So does anyone really believe that Friday is crunch day and the euro could be gone by Monday?
In other words do I need to bite the bullet here or have I more time?

Buy Polish Zlotys, Its the only growing economy in Europe with low deficit. Safe bet really.

FlashD

bangra bangra wrote: »

Enda is that you?:pac:

Ya! This is Enda, what's your name? :pac:

AstonMartin

Why is 90% of the advice on this forum "buy gold"?

At some stage it just wont be a good investment, what price is that?

The same advice 6 years ago was you cant go wrong investing in property.

kadman

AstonMartin wrote: »

Why is 90% of the advice on this forum "buy gold"?

At some stage it just wont be a good investment, what price is that?

The same advice 6 years ago was you cant go wrong investing in property.

Interesting vid on gold from this guy. I dont think it makes any difference what you have when the whole lot goes pop.

http://www.youtube.com/watch?v=E5VNAEmmBQM


kadman

ch750536

Buy food, at least you can eat it.

Thinkingaboutit

Get gold and silver.

SyntonFenix

AstonMartin wrote: »

Why is 90% of the advice on this forum "buy gold"?

At some stage it just wont be a good investment, what price is that?

The same advice 6 years ago was you cant go wrong investing in property.

Gold has come back on the radar for those wishing to insure their wealth. The market is unstable. Gold holds value and if lucky can be a good investment. It's done so for thousands of years. It's up to you to figure out when to buy and when to sell.

I suggest you do some research on the 1929 crash in the USA. It's a good case study and mirrors what is happening right this moment today.

The Irish Riddler

kadman wrote: »

Interesting vid on gold from this guy. I dont think it makes any difference what you have when the whole lot goes pop.

http://www.youtube.com/watch?v=E5VNAEmmBQM


kadman

According to the first 2 minutes of the video the dollar won't be worth the paper its printed on sooner rather than later.

They say the potential ROI of silver could be 10 times that of gold when the inevitable hyper inflation hits as there is 8 times as much gold available but they have not mentioned anything about the different industrial value of each.










Quoting a paragraph from Wikipedia:

From September 2005 onwards, the price of silver has risen fairly steeply, being initially around $7 per troy ounce but reaching $14 per ozt. for the first time by late April 2006. The monthly average price of silver was $12.61 per troy ounce during April 2006, and the spot price was around $15.78 per troy ounce on November 6, 2007. As of March 2008, it hovered around $20 per troy ounce.[11] However, the price of silver plummeted 58% in October 2008, along with other metals and commodities, due to the effects of the credit crunch.[12] By April 2011, silver had rebounded to reach a 31-year high hitting $49.21 per ounce on April 29, 2011 due to economic concerns about inflation and uncertainty regarding bailouts in the Eurozone.

This is another quote from Wikipedia which is reputable considering the content.

In April 2007, Commitments of Traders Report revealed that four or fewer traders held 90% of all short silver futures contracts totaling 245 million troy ounces, which is equivalent to 140 days of production. According to Ted Butler, one of these banks with large silver shorts, JPMorgan Chase, is also the custodian of the SLV silver ETF. Some silver analysis have pointed to a potential conflict of interest, as close scrutiny of Comex documents reveals that ETF shares may be used to "cover" Comex physical metal deliveries. This led analysts to speculate that some stores of silver have multiple claims upon them. On 25 September 2008 the Commodity Futures Trading Commission (CFTC) relented and probed the silver market after persistent complaints of foul play.[20] On September 1, 2010, Bloomberg reported that JPMorgan Chase will be closing their Proprietary Trading Desk.

Silver is possibly not as good an investment as that video above would lead you to believe as it is open to manipulation by a small number of speculators.

kadman

The Irish Riddler wrote: »

According to the first 2 minutes of the video the dollar won't be worth the paper its printed on sooner rather than later.

They say the potential ROI of silver could be 10 times that of gold when the inevitable hyper inflation hits as there is 8 times as much gold available but they have not mentioned anything about the different industrial value of each.










Quoting a paragraph from Wikipedia:





This is another quote from Wikipedia which is reputable considering the content.



Silver is possibly not as good an investment as that video above would lead you to believe as it is open to manipulation by a small number of speculators.

Well its probably the best investment on the block at the moment.

Did you watch al the video.

kadman

hmmm

When nothing happens tomorrow, will the blithering idiots scaring people in this country show any shame? Nope, they'll be back with a new prediction of imminent doom on Saturday.

books4sale

hmmm wrote: »

When nothing happens tomorrow, will the blithering idiots scaring people in this country show any shame? Nope, they'll be back with a new prediction of imminent doom on Saturday.

Same few at it the whole time...

You can be guaranteed there'll be another thread on this within a week, if not here then in the Economy forum.

....pay no heed to this rubbish. :cool:

Dan133269

hmmm wrote: »

When nothing happens tomorrow, will the blithering idiots scaring people in this country show any shame? Nope, they'll be back with a new prediction of imminent doom on Saturday.

books4sale wrote: »

Same few at it the whole time...

You can be guaranteed there'll be another thread on this within a week, if not here then in the Economy forum.

....pay no heed to this rubbish. :cool:

Why do you not accept the fact that there is a real danger of a euro break-up?
If Sarkozy, someone with a huge vested interest in the euro remaining intact, admits there is a danger, why do you deny it?

In advance of last night’s talks, French president Nicolas Sarkozy warned that the viability of the EU itself was at risk.

“If we don’t have an agreement on Friday, there won’t be a second chance... Europe has never been closer to exploding,” he said.

http://www.irishtimes.com/newspaper/frontpage/2011/1209/1224308800961.html

another world

Dan133269 wrote: »

Why do you not accept the fact that there is a real danger of a euro break-up?
If Sarkozy, someone with a huge vested interest in the euro remaining intact, admits there is a danger, why do you deny it?



http://www.irishtimes.com/newspaper/frontpage/2011/1209/1224308800961.html

My guess is he's in the middle of trying to get a lot of very scared countries to sign a deal. He's trying to scare them even further so they will sign it.

books4sale

Dan133269 wrote: »

Why do you not accept the fact that there is a real danger of a euro break-up?
If Sarkozy, someone with a huge vested interest in the euro remaining intact, admits there is a danger, why do you deny it?

I don't deny there is a danger of a break up, but we've been having these threads now for the last 3 years and still no sign.

And as for this thread, well its Friday, still got the Euro so lets just wait for next weeks thread, always interesting to see who the OP is.

The Irish Riddler

kadman wrote: »

Well its probably the best investment on the block at the moment.

Did you watch al the video.

kadman

Yes. Silver is trading at almost its highest historical level. How much further can it go? Also it is primarly used for industrial purposes, if the economic shit hits the fan its industrial use will decrease and it will drop.

justforgroups

Dan133269 wrote: »

Why do you not accept the fact that there is a real danger of a euro break-up?
If Sarkozy, someone with a huge vested interest in the euro remaining intact, admits there is a danger, why do you deny it?


http://www.irishtimes.com/newspaper/frontpage/2011/1209/1224308800961.html

Well it's Friday and the agreement is done - and hey hey! We're still alive and so is the Euro.

So what's the next crises you want to scare us with? Ummm - this Winter is actually the beginning of the next ice age?

Move along now...nothing to see here.

I do pity all those sad people here and on askaboutmoney that went off to Germany and such, opening accounts! Not only the cost of doing that, but the fact that they are losing thousands on interest from the high rates here.:D

For those people: I've some great snake oil that can cure all problems! Very cheap!

preddy

soterpisc wrote: »

Buy Polish Zlotys, Its the only growing economy in Europe with low deficit. Safe bet really.

This a rational idea with the boom coming with the Euros?

peace2804

Sometimes being broke can make you feel very happy, at least I don't have to worry about the few quids I have in the bank lol.

fodda

justforgroups wrote: »

Well it's Friday and the agreement is done - and hey hey! We're still alive and so is the Euro.

So what's the next crises you want to scare us with? Ummm - this Winter is actually the beginning of the next ice age?

Move along now...nothing to see here.

I do pity all those sad people here and on askaboutmoney that went off to Germany and such, opening accounts! Not only the cost of doing that, but the fact that they are losing thousands on interest from the high rates here.:D

For those people: I've some great snake oil that can cure all problems! Very cheap!

I have no idea where the best place is to put your stash of cash as i dont have any but i cant believe you are serious here.

They have shook hands and slapped each other on the back and achieved.........Nothing..........oh wait lets see........they have agreed that Germany and France should steer the EU's economy.

So a country which has severe economic problems and is downgraded this week again and another country which used to have lots of money but its economy is shrinking towards recession.

The debt is still there and growing.....the euros problems are still there and growing.........the chances of the euro imploding due to the debt is still there and growing because of the problems which still not been resolved and cannot by agreeing anything but need to find hard cash and quickly.

It will be the markets that now decide if the euro survives and what happens next.........so you still have to wait and see........So far they havent reacted at all to the news that you seem to be celebrating......I wonder why?..........probably because they dont believe the hype?

MrThrifty

Markets are up folks... I'm also on the camp that everything's gonna be fine, the euro ain't going nowhere. It's all just a standoff game of politics that will sort itself eventually. People encouraging others to move cash out of the country etc. are only contributing to the problem. The euro might well be replaced by something else in due course, but not within the next year or anything like that. As another poster said, chill out and stop scaremongering...

Low Energy Eng

People should view gold and silver as a currency, while I don't believe the euro is going to break up, I do believe they will try inflate their way out of the current debt problems and hence why we see the run up in gold and silver prices.

fodda

MrThrifty wrote: »

Markets are up folks... I'm also on the camp that everything's gonna be fine,

Yes they closed slightly up and it doesnt mean a thing.

I reckon after the holiday unless something happens first will be the time that things start to happen one way or the other.

efb

Shouldn't have bought all that Tin foil with my euro- I do however have a nice hat!

hmmm

fodda wrote: »

Yes they closed slightly up and it doesnt mean a thing.

I reckon after the holiday unless something happens first will be the time that things start to happen one way or the other.

No, I'm sorry we were told Friday. You can't just keep going "nothings happened on Friday, big things will probably happen soon".

One of the things I've learned about investing over the years is that there is always some new calamity just over the horizon. This is what gives certain assets (such as equities) their risk premium. If you are continuously frozen in fear because of what might happen in the worst case scenario, you'll never make money - the worst case rarely happens, "muddle through" is the usual scenario and perfectly illustrated by the Euro.

fodda

hmmm wrote: »

No, I'm sorry we were told Friday. You can't just keep going "nothings happened on Friday, big things will probably happen soon".

One of the things I've learned about investing over the years is that there is always some new calamity just over the horizon. This is what gives certain assets (such as equities) their risk premium. If you are continuously frozen in fear because of what might happen in the worst case scenario, you'll never make money - the worst case rarely happens, "muddle through" is the usual scenario and perfectly illustrated by the Euro.

But what's happened besides agreements and handshakes?..........some countries have to go back to their parliments and some like Ireland may need the agreement of the people.

hmmm

fodda wrote: »

But what's happened besides agreements and handshakes?..........some countries have to go back to their parliments and some like Ireland may need the agreement of the people.

We have a roadmap to fiscal union agreed by 26 countries, and multiple changes to various EU funds (including 200 billion to the IMF) which will allow short term debt financing needs to be met. Ultimately we will have an ECB backstop.

We are living through historic times. What were you expecting to see? Some overnight deal that will instantly fix a Western economic system that for 60 years has meant that EU economies have borrowed too much, took on too much debt and created unsustainable welfare states?

If countries didn't have to ratify this we'd have the usual suspects on here going on about the lack of democracy in Europe.

fodda

hmmm wrote: »

We have a roadmap to fiscal union agreed by 26 countries, and multiple changes to various EU funds (including 200 billion to the IMF) which will allow short term debt financing needs to be met. Ultimately we will have an ECB backstop.

We are living through historic times. What were you expecting to see? Some overnight deal that will instantly fix a Western economic system that for 60 years has meant that EU economies have borrowed too much, took on too much debt and created unsustainable welfare states?

If countries didn't have to ratify this we'd have the usual suspects on here going on about the lack of democracy in Europe.

No ..........but if i were some kind of investor i think i would have like to have seen something substantial instead of imaginary/made up money. Am i right in thinking this 200 billion you talk of is coming from even more taxes of the people of those states?.......So they are going to force the people to pay for it?

hmmm

fodda wrote: »

No ..........but if i were some kind of investor i think i would have like to have seen something substantial instead of imaginary/made up money. Am i right in thinking this 200 billion you talk of is coming from even more taxes of the people of those states?.......So they are going to force the people to pay for it?

Central bank reserves I believe. I suspect you have a political argument in mind rather than an investing argument.

kadman

hmmm wrote: »

Central bank reserves I believe. I suspect you have a political argument in mind rather than an investing argument.

So tell him who you think is going to pay for it.

The tooth fairy perhaps:D

kadman

fodda

http://news.sky.com/home/business/article/16126193

Seems Cameron did the right thing as the Euro banks need even more money to carry on and fast.

Also the markets werent impressed with all the brown nosing and back slapping and closed down..........Monday and back to normal?