Euro crash profit

jack888

Hey,

Im trying to think outside the box here. The Euro has a 60 percent chance of failure at this point. If Ireland exits the Euro all Irish money will be converted to punts and people will lose 30 percent of savings because of it being devalued.

I think there is good chance to come out good from this. My idea is to run up debt on my credit card and to take out as many loans as possible. This way when the crash comes the amount I owe is effectively reduced by 30 percent, possibly even more.

Just wanted to check if anyone else is doing this and if there are any other loopholes?

TheChizler

Where are you getting 60% from?

howamidifferent

jack888 wrote: »

Hey,

Im trying to think outside the box here. The Euro has a 60 percent chance of failure at this point. If Ireland exits the Euro all Irish money will be converted to punts and people will lose 30 percent of savings because of it being devalued.

I think there is good chance to come out good from this. My idea is to run up debt on my credit card and to take out as many loans as possible. This way when the crash comes the amount I owe is effectively reduced by 30 percent, possibly even more.

Just wanted to check if anyone else is doing this and if there are any other loopholes?

Incorrect. In that scenario your punt is worth 70 cent so your euro debt is increased by 30%.
So you 10k euro debt is now 13k punt debt and your wages and pay are worth only 70% also so yuo have less chance of paying it all back.

timmy_mallet

If Ireland exits the Euro all Irish money will be converted to punts

What's Irish money?

jack888

howamidifferent wrote: »

Incorrect. In that scenario your punt is worth 70 cent so your euro debt is increased by 30%.
So you 10k euro debt is now 13k punt debt and your wages and pay are worth only 70% also so yuo have less chance of paying it all back.

No, this is very wrong, your debt is converted from Euro to punts.

There is no way you can then owe more punts.
Why post false info>?

seamus

jack888 wrote: »

No, this is very wrong, your debt is converted from Euro to punts.

There is no way you can then owe more punts.
Why post false info>?

Your debt is converted from euros to punts. But the bank is still paying that debt in euros. So they will increase the interest rate on your credit card. If you're paying 20% now, you can expect to pay 30% then.

In real terms, your splurge on your credit card will drag you down even harder than before. If you're worried about the currency, the best way to come good is to clear as much debt as possible and move savings out of the eurozone.

Your 60% failure chance is way off though. Where are you getting that from?

unclebill98

So want to post a Captain Picard face palm pic for the op.

Op seamus is spot.

howamidifferent

jack888 wrote: »

No, this is very wrong, your debt is converted from Euro to punts.

There is no way you can then owe more punts.
Why post false info>?

That was a typo on my part....
what I meant to post was

"Incorrect. In that scenario your new punt is worth 70 cent so your euro debt is increased by 30%.
So you 10k euro debt is now 13k punt debt and your wages and pay are worth only 70% also so you have less chance of paying it all back."

And as Seamus rightly said your debt must still be paid back in Euro so your worse off.

death1234567

jack888 wrote: »

The Euro has a 60 percent chance of failure at this point.

I stopped reading here. The chance of the failure of the euro is slim at best.

BuffyBot

I fail to see any point of a thread based on figure-out-of-ass numbers.

It's not in the forum remit either.