EURO

Old May 14th 2012, 10:24 am
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Default Re: EURO

Originally Posted by MrMckenna
Oh I see what your saying. Still going to lose no matter what I suppose. Maybe we should just have a wild party with all our euro's and just spend the lot b4 it crashes at least we can say we enjoyed ourselves ha
I'm all for that, and so long as it buys the shopping after, I'm happy

Seriously,

I reckon it's a safe currency in the sense of it continuing to have some value, 16 or 17 countries having their money in Euros, can you imagine one day suddenly no one is going to trade in Euros?

Value against other currencies, Who Knows?

Last edited by anonimouse; May 14th 2012 at 10:55 am.
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Old May 14th 2012, 12:32 pm
  #17  
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Default Re: EURO

Well I'm just going to sit tight, my investments are for the long term so hopefully in a few years this mess will have sorted itself out.

I'm just going to avoid the news for a while (especially the UK kind), all it does is send the blood pressure up!
In the end we as little fishes swimming against the tide can't do a damned thing about it all... so why get ourselves into a panic about something we can't change!
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Old May 14th 2012, 5:36 pm
  #18  
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Default Re: EURO

We can finally watch the news now after months of wondering whether the money from our house sale was going to be worth anything once it was transferred to pounds. We now have the money safely in Sterling.

We have £32 euros in a Spanish Bank Account. My husband took the rest out when he visited just before the house sale completed.

We never kept a lot of money in Spain (transferred from UK every couple of months), but had we have done so, I'd now transfer it to Sterling pdq and transfer/withdraw as required.
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Old May 14th 2012, 6:56 pm
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Default Re: EURO

Originally Posted by MrMckenna
Oh I see what your saying. Still going to lose no matter what I suppose. Maybe we should just have a wild party with all our euro's and just spend the lot b4 it crashes at least we can say we enjoyed ourselves ha
well lets start with a wild party using your euros and see how we get on
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Old May 14th 2012, 7:03 pm
  #20  
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Default Re: EURO

Congratulations Scampi, we are the lucky ones.
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Old May 14th 2012, 7:04 pm
  #21  
 
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Default Re: EURO

So Hollande is to be sworn in as France's President this morning - before rushing off to Germany to get his instructions from The Chancellor.

Used to be a time when new leaders were visited by others, but this shows that France is just a vassal state of Germany

http://www.bbc.co.uk/news/world-europe-18067852
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Old May 14th 2012, 7:09 pm
  #22  
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Default Re: EURO

Hi

Even if they do decide to close the Euro - there will be a conversion rate back to the Peseta (or whatever they call the replacement currency), the same as there was when the Euro started.

So NO you won´t loose everything; my guess is that you would loose ten percent for the conversion, but it is just that, a guess that we will be fleeced (again)

Davexf
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Old May 14th 2012, 7:11 pm
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Default Re: EURO

Originally Posted by Dxf
Hi

Even if they do decide to close the Euro - there will be a conversion rate back to the Peseta (or whatever they call the replacement currency), the same as there was when the Euro started.

So NO you won´t loose everything; my guess is that you would loose ten percent for the conversion, but it is just that, a guess that we will be fleeced (again)

Davexf
but Spain for one is still showing peseta's at the same conversion rate of 10 years ago. Alot has happened since then.

they wouldn't try that - would they ??
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Old May 14th 2012, 7:26 pm
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Default Re: EURO

So Germany wants the UK to give another £1billion or more to bail out the EU.

http://www.express.co.uk/posts/view/...-bail-out-euro

Meanwhile Nigel Farage likens the EU to the Titanic

http://www.youtube.com/watch?v=LNeiRvoGac0

These Times They Are A Changing
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Old May 14th 2012, 7:28 pm
  #25  
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Default Re: EURO

Originally Posted by Dxf
Hi

Even if they do decide to close the Euro - there will be a conversion rate back to the Peseta (or whatever they call the replacement currency), the same as there was when the Euro started.

So NO you won´t loose everything; my guess is that you would loose ten percent for the conversion, but it is just that, a guess that we will be fleeced (again)

Davexf
Let us say for sake argument that the conversion rate goes back to when the euro started.

1 euro was 166 pts.

so a 1 euro drink should go to being 166pts, but what is the betting that it does not.

Instead of charging 166 pts, the price will be rounded up to at least 175 pts or more likely 200 pts, a steathily rise, and all done on the change of currency.
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Old May 14th 2012, 8:30 pm
  #26  
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Default Re: EURO

Just read in a British newspaper that Lloyds TSB are offering reasonable interest if you open a Euro account - maybe this may be a way out for those who don't have a Bank Account in UK? Open this Euro account and that means you have a foot in the door of a British bank, then after a while, change it to a Sterling one.
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Old May 14th 2012, 8:58 pm
  #27  
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Default Re: EURO

I guess you mean the Lloyds TSB offshore euro account? Be careful, I believe there is a minimum funding requirement and quite high charges for transfers.

Most banks offer euro accounts. Citi Bank appear to offer the best deal @ present with 2.0% inerest payable on the balance. Those with HSBC accounts in UK may like to consider HSBC in spain to benefit from free transfers.
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Old May 14th 2012, 9:29 pm
  #28  
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Default Re: EURO

Originally Posted by MrMckenna
What would actually happen if the euro does collapse ? Will I lose the lot ? Maybe its best I take the loss instead of losing it all then ?
Mr Mckenna. It all depends where you plan to spend that money. If you are living in Spain, then your expenses are in Spain. You therefore need Spanish money (Euros at the moment).
IF Greece leaves the Euro, the Euro will still exist, just that Greece will revert to new drachmas or whatever. No real impact on someone in Spain, except insofar as the value of the Euro may change - in either direction - after all the weakest member of the Euro would have left.
I don't think anyone should underestimate the determination amongst the political classes of Europe to keep the Euro going. So the exit of Greece will not lead automatically to the disintegration of the Euro. This will in my opinion still happen, but not for some time yet.
If and when the Euro does disintegrate, people with Euros will not lose everything. The banks will close for a period of time. The Government of each affected country will decide on a conversion rate for Euros to the new currency, and then your funds will be revalued as Novas pesetas or whatever. You may profit or lose from that, no one can tell.
I think you need to analyse what your risk is. If you are British with a British income living in Spain, then you have been taking the currency risk all along. Now you are taking the other side of that risk.

I hope that helps.
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Old May 14th 2012, 9:53 pm
  #29  
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Default Re: EURO

I have 102.60€ in a drawer...I am really worried
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Old May 14th 2012, 10:08 pm
  #30  
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Default Re: EURO

Originally Posted by jackytoo
I have 102.60€ in a drawer...I am really worried
....and so you should be.

Best thing is to send it over here and I'll invest it for you in something safe that can hold its value,

......like a few cases of decent wine for instance.

...then I can put it all safely away where no one else will ever find it.
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