Avoiding default loses

bopbuddy

Howdy Folks,
A cheery question for ye!
If Ireland goes back to the future to a 'Punt nua' and a default of around 30%, is there any action that could be taken before hand to protect savings in the bank?

stackerman

Spend it

Take your € and buy things which will hold their value (or better) and can be sold off later. Plenty of options, depending on your take on the coming changes. It's tough, as there are plenty out their in the same position, but are too afraid to take action because of the fear of getting it wrong. The one thing for sure (IMHO) is inaction will cost you, in that savings will be negatively effected in the remainder of the year even if it's only via inflation. You don't even get any real return from the banks for goodness sake. The idea is now being thrown around in various places, which are supposed to be safer, of negative interest rates, such as Denmark. Because so much of the Bank run money has been moved there.
I know people who have gone into land, stock (animal type), art, metals, rental properties etc
It all really depends on the amount, and what you think is likely to happen.

Read, educate yourself, read some more, and go with your gut instinct. Worked for me so far anyway.

bopbuddy

Thanks for the reply Stackerman, I already have a healthy investment in Metals and was thinking of what to do if the situation deteriorated fairly rapidly, might transfer funds to my sister in America... provided they haven't beaten us to it in the race to the bottom!