How to hold on to assets if Ireland leaves the euro

M

mattmacg

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In the event of Ireland leaving the euro, what it the best way to keep any of my assets in euro?
If I leave my euro in my rabo direct bank account, will this continue to be in euro or will it be converted back into Irish pounds?
Or should I buy shares in Germany?
 
53% voted NO to the Lisbon and now ye want to leave the euro zone ?

When are we all going to eventually see the mistakes of the past have us in this situation.

Ireland needs Europe AND needs the EURO !
 
I think the OP just wants to know how best to protect his assets in the unlikely event that we do at some stage leave the euro.
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I hope we won't have to leave the euro. But I am wondering what happens to any assets I have if we do.
Would money in my rabo direct account be converted back into irish pounds? The irish pound is then floated on the open market (devalued in all likelyhood). Or would I get to keep my account in euro as rabo direct is based in the netherlands?
We shouldn't have to leave the euro, but if we get to a situation where the government are unable to repay the debt, then it might be the only option left.
 
The chances of ireland leaving the euro are probably the same as me winning the lotto...and I rarely play the lotto.
 
Invest in tinned food, ammo and a heavy duty security system for your home. Stay inside and wait it out. :)

Seriously all this nonsense about Ireland quitting the euro is crazy. The euro is the only thing that has prevented us from imploding, why on earth would we quit?
 
Absolutely right - would be insane to leave the Euro. Respect David McWilliams but think his advice to leave the Euro is very dangerous. If adopted and hope it is highly unlikely - it would see us have a currency crisis and massive inflation that would make the current bout of deflation look benign.

Right now, more than ever before, makes absolute sense to be really diversified and to be more defensive - diversify into fundamentally sound currencies like the Swiss franc or the Singapore dollar; buy some precious metals; and buy non US, dividend-paying stocks, possibly with an emphasis on natural-resources companies (especially if inflation takes off) and inflation linked AAA rated bonds.

Tinned food is not good as loses 80% of it's nutritional value.
;-)
 
I don't think the issue is Ireland wanting to leave the Euro, but what happens if we are ejected from the Euro?

I have some money in cash (Euro). The rest I'm paying off my mortgage, which will probably remain in Euro. I keep a trifling amount in bank accounts. I'm also thinking of buying gold or silver.
 
Even if Ireland were 'kicked out' of the Euro, it would not be able to happen over night. It took years to get ready for the Euro, setting up systems, printing and coining money, etc. There would be plenty of time to move your cash around to foreign banks.
 
Guys, the mere fact that it is being talked about should make you realise it's a distinct possibility. You will get notification in advance alright - notification that you can't transfer money out of the country any more.
 
Yeah but whos talking about it but the average Joe Soaps on this site? (No disrespect)
 
Joe Soap talks about it, it starts to gain media time, our CDS grows ever larger and we cannot borrow.

Government finances may get tighter. At some point, we may not be able to borrow to pay salaries, and the government may face a decision: face down the unions or leave the Euro and pay them in a new devalued currency.
 
Nermal said:
Guys, the mere fact that it is being talked about should make you realise it's a distinct possibility. You will get notification in advance alright - notification that you can't transfer money out of the country any more.
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How exactly would they go about freezing every bank account in the country for the 12/24 months it would take to get setup for a new currency ?
 
How exactly would they go about freezing every bank account in the country for the 12/24 months it would take to get setup for a new currency ?
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Well the banks will probably all be nationalised by then, so it won't be too difficult to freeze the accounts.
 
leghorn said:
Well the banks will probably all be nationalised by then, so it won't be too difficult to freeze the accounts.
Click to expand...

I think the point he was making was that if all accounts are frozen how do we pay for goods or services? Do we switch to bartering overnight?
 
I think the point he was making was that if all accounts are frozen how do we pay for goods or services? Do we switch to bartering overnight?
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I suppose that question brings us back to 'How to hols on to assets if Ireland leaves the euro'.
I'll have my silver and cash to use for barter. Cigarettes are usually good for small items.
 
rmelly said:
I think the point he was making was that if all accounts are frozen how do we pay for goods or services? Do we switch to bartering overnight?
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Yep that it.

You could just withdraw your money the day it's announced and ryanair to London to open a sterling account.


There is no "Irish Euro", just a euro. The money in your pocket is exactly the same as someone in Berlin. You can't freeze that money unless you plan to close the border, and freeze any account and financial transactions in the country for 12 months.
 
I would guess that Irish Euro accounts would change to a new Irish currency overnight. How else could it happen?
The new currency would quickly become worthless.

When this happens, it'll be far too late to start moving money.
 
leghorn said:
I would guess that Irish Euro accounts would change to a new Irish currency overnight. How else could it happen?
The new currency would quickly become worthless.

When this happens, it'll be far too late to start moving money.
Click to expand...

Converting a currency takes years , how could they possibly do it over night ?
 
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