It is so hard to advise people on where to put their money these days.
I have looked at as many scenarios as possible and its virtually impossible to find any sort of safe Haven.
In this scenario "German Euro Account", there is nothing to stop the Germans saying that these funds will be paid back at the punt exchange value (at time of Ireland exiting the Euro) , or the Germans putting a huge levy on foriegn based deposits or the Irish Government putting a huge levy on foreign based deposits.
German gilts are the same. As one stockbroker I know put it, the reason that so much money is going to Germany is because of the perception of what might happen if the Euro folds. The perception is that Germany will be in the best position to recover, but its not to say they wont do any of the above things (levy etc) or that your savings will not get savaged in some way.
It really is impossible to predict what could happen because if the Euro collapses, all bets are off and nothing is safe. Physically holding cash in a safety deposit (Sterling/Dollars) is what some people have suggested, but looking at an Armageddon scenario, what if the bank that holds the safety deposit goes under ? I know its a stretch, but how do you get access to your safety deposit ? You wouldnt want to assume that there would be an orderly winddown.
The popular currencies outside of the Euro are in Norway, U.S., Canada, Australia and Sterling.
I am looking at several differant ways of trying to "hedge" that includes German bonds, KBC (belgian bank) fixed deposit rate of 4.25% PA and diversified investment plans in Irish Investment offices. Having a bit of sterling and Dollar is no harm even from a practical standpoint because even if the currency goes down in value, the client has intentions of travelling to both places. I make it clear to clients that its not fullproof and that they might lose money (you dont make anything on German bonds) but it gives them at least a chance if the world collapses!