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What happens to peoples savings if the euro zone collasped and the euro was no more

  • 07-10-2019 11:39pm
    #1
    Registered Users Posts: 21 ✭✭✭ ezra160192


    Are your current savings just converted( didnt that happen to peoples savings when we joined the euro) or do you pretty much lose everything?


Comments

  • Registered Users Posts: 8,569 ✭✭✭ K.Flyer


    ezra160192 wrote: »
    Are your current savings just converted( didnt that happen to peoples savings when we joined the euro) or do you pretty much lose everything?

    Whatever monies that were held in accounts were automatically converted to Euro at a rate of €1 = IR£0.787564.
    So, in theory, if the Euro currency was to cease to exist, we should convert back to IR£ at the same rate.


  • Moderators, Business & Finance Moderators Posts: 7,834 Mod ✭✭✭✭ Jim2007


    ezra160192 wrote: »
    Are your current savings just converted( didnt that happen to peoples savings when we joined the euro) or do you pretty much lose everything?

    Nothing will happen, apart from the collapse of the entire financial world and all will be lost. There will be nothing to covert it to.


  • Registered Users Posts: 373 ✭✭ JMMCapital


    People will go back to the Barter system?


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