EU discuss 'limiting ATM withdrawals'

martco

...just read this story in the Irish Times though I've been thinking about it for well over a year now....I'm not rich, average Joe really worrying about the state of euro affairs...I'm thinking about the circa €10k I have saved in the bank (and my dad maybe has €100k retirement give or take).

It's clear now at least to me that we're constantly being fed the optics by the Govt/EU/G8 or whatever thinktank exists up the pyramid via the media and usual outlets that is required to keep the joes like me lulled into trusting the system as-is, spin whatever you call it.

I know in the end if there was a run on the banks or OUR irish €'s tanks in some kind of 2 tier system maybe to come I'll feel like an eejit for not putting it in some other more stable format. I thought about literally buying a safe drawing it all out in notes in a move to "under the mattress" but I've even been reading now about that maybe all € notes are not necessarily the same, depending on the serial number/where they're minted etc. so if I happened to have 1/3 of the 100 or 500 notes in a move like this and say they had Greek s/numbers I'd be in bother anyways. I think you can't exactly hold that much notes in say USD or STG. I'm thinking that really ANY paper based or electronic means is open to compromise...so maybe any of this would be a futile move if things went sideways.


SO my question is this: has anyone got a clue what to do if say you had around €100k in regular savings and bits?

Is it to retain some spending cash and then:
1. Go buy real actual physical gold bars/ingots and hive off somewhere
2. Open up a German bank account or even some other designation like Australian $ (somehow) and transfer out electronically
3. Buy up as many German minted €500 notes (supposedly the notes with X in front of the serial number) and into a safe

I remembered today that the € at the start of its life for at least a couple of years was well under parity with the US$ and other currencies and so has a LONG way to fall in value yet to even get to the historic lows it has had before.

Surely sitting on my hands and doing nothing is the wrong thing to do here?

Help/comments/opinion appreciated

Jim2007

Sitting on your hands is as good a strategy as any and a lot cheaper in the long run...

delux

I wonder does *anyone* know what would happen in such a situation.. for example i suppose they could freeze Irish bank accounts but what if we have € in a German bank account? Could they freeze an Irish person's German bank account?

Jim2007

They can do neither... the free movement of capital is one of the basics underlying the establishment of the EU and no government has the right to freeze an EU citizen's accounts.

Even if Greece decides to leave the Euro in the coming months, I have no doubt that the most widely used currency in Greece will still be the Euro and there is nothing the Greek government can do about it, unless they actually leave the EU itself.

It is important to remember that it is the peoples of Europe that established the EU, not the governments and it is only the peoples of Europe that can change it. If anything last month's referendum should show you just how little power the governments have to take decisions without reference to the people and the EU parliament. So the idea that one could wake up tomorrow morning to find the punt nua has arrived and all your Euros are gone is simply nonsense! Any break up will be a long and protracted exercise.

euroboom13

the idea of countries selecting to revert back to old money is fantasy!!!
the sky is not falling down!
the euro is just re-grouping and plugging the leaky bucket...then we can return to growth...

I new stronger single market that gets a higher bargaining power in world markets!

if you need to seek advise on a blog about where to put ur pocket money,the best advise is to leave it in ur pocket!:cool:

martco

seems this post covers all the angles...

http://www.askaboutmoney.com/showthread.php?t=163133

no concrete answers but at least it's a start

delux

the idea of countries selecting to revert back to old money is fantasy!!!
the sky is not falling down!
the euro is just re-grouping and plugging the leaky bucket...then we can return to growth...

if whatever government is formed in Greece after the election decides not to do any more austerity and the EU does not provide the next part of the loan to Greece, then what happens?

euroboom13

delux wrote: »

if whatever government is formed in Greece after the election decides not to do any more austerity and the EU does not provide the next part of the loan to Greece, then what happens?

uk and usa were in bother and decided to do "qe"(currency damaging short fix).While the eu has done small efforts ,they have not had to use any serious solutions just yet(in my opinion).if the eu had u would have heard the ecb say so like the bank of england and the fed....Hence euro relatively in a good possition

if greek dont confirm the eu will just keep kicking can down the road untill they have no option but to......with greek causing trouble the euro is cheap and exports are booming so germany is not interested infixing things hastily....

if armagedon happens the germans will agree to "redemption bonds" or eurobonds" but the truth is they dont need to fix things yet(even as bad as things look)........EURO is working and better than media make out....;)

euroboom13

what a shocker ....greece....that is greece that is all for euro exit......decides to stay in euro.........who`d have figured.......lets put the fairytales to bed......

euro is the only way forward

germany knows it and greece knows it......lets hope cameron/sky/bbc stop blabbing on bout breakup,and excepts EURO

lets hope merkle starts growth plan...:cool:

Grecco

monkey8

euroboom13 wrote: »

what a shocker ....greece....that is greece that is all for euro exit......decides to stay in euro.........who`d have figured.......lets put the fairytales to bed......

You do realise how close the vote was! It wasn't exactly the foregone conclusion you are making it out to be.

euroboom13

top parties resoniably close but pro/anti bailout 60%/40% ..... but i suppose what your saying now in hindsigth i was RIGHT.......pity i didnt see ur predictions:p

euroboom13

Grecco wrote: »

More uk babble......truth is he`s on the back foot........qe qe qe qe

weak euro helps one place europe.....he would be better of praising europe than maybe ecb would have to act to lower currency......at the moment his talk is doing Q E for us,for free....brilliant