The ‘we won’t allow it to happen’ gets closer to becomming reality all the time…

http://www.mirror.co.uk/news/top-stories/2011/12/19/evacuation-plan-for-brits-in-spain-amid-warning-euro-collapse-could-leave-them-stranded-115875-23645721/

So you move abroad, draw your pension there, take advantage of the cheap cost of lving and when it all goes wrong we fly you home?

I’m afraid I say tough s**t

So let’s prevent destitution in Europe and create it in the UK, I’m with BenHouldsworth on this one, why should we help them out when they have made the decision to move abroad

that looks like a very made up story. The euro won’t just ‘collapse’, It might lose a lot of value but everyone would still be able to get home (in fact those with a UK pension would be fine as they would get the ‘new’ exchange rate). Note not a single source is actually named..?

I’m afraid I say tough s**t

+1

Is this not the same as the bankers? Live on the edge, enjoy the benefits of high risk and then the taxpayer bails you out at the last minute?

I also think the plans are there due to possible violence – if the Euro does go pop, buying anything for a few months in Euro-zone would be difficult.

Someone was twittering about the Germans secretly re-printing and minting Mark’s – makes sense to have the ‘new’ money there to do a quick swap before it really dies.

that looks like a very made up story.

It’s complete gash. It also can’t decide whether the problem it will address is an Argentinean-style withdrawal restriction (where the ATMs and banks wouldn’t dispense money leading to a shortage of literal cash) or a systemic collapse of value (in which case the pensioner quoted needs to think about who exactly is going to buy her place). France and Spain are not Albania where a crisis in the financial system is going to lead to a massive breakdown in public order.

On the upside, it’ll be a good few years for buying cheap houses in Southern Europe (assuming you have any money in the first place and don’t get distracted by the noses pressed up against your window).

France and Spain are not Albania where a crisis in the financial system is going to lead to a massive breakdown in public order.

France? Where they burn sheep and create blockades at the first sniff of something not to their liking? I am not so sure.

I’ve lived in Spain for the past 11 years and moved back to the UK this year.It is marginally cheaper to live in Spain but the pounds weakness to the euro in the past few years has narrowed the gap.
In Spain you always wondered where the money came from for all the infrastructure as tax evasion is a way of life out there. A lot of ex pat businesses never register because of the high social security costs and just work cash in hand.Even the solicitor who dealt with our house purchase wanted cash to avoid paying tax.
The Spanish still use pesetas to value things,especially houses,and the poorer ones don’t want the euro.
The biggest problem at the moment is not being able to sell your house if you want to move back to the UK.
I’m really glad this country never adopted the single currency.

They could have plucked me back to London, useless gits. Would have been a lot cheaper than having to pay for my own flights.

France? Where they burn sheep and create blockades at the first sniff of something not to their liking? I am not so sure.

Meh – that’s not a massive breakdown in social order, it’s a highly ritualised affair. Even a few days of rioting is not a society-dissolving event.

Aside: It appears that when you write “burn” in italics it looks like something else…

😆

Aside: It appears that when you write “burn” in italics it looks like something else…

a useful tip and works well in the above

Daily Mirror (possibly) lifted story from Sunday Times
that suggested one big issue is that for ex pats in spain with a mortgage the banks would use right to recall loans, forcing an exodus, though i would have thought most retired wouldn’t have mortgages

they have not been payiong tax here but do make sure they claim ther ewinter fuel allowance F em not our problem and thet story is BS

France? Where they burn sheep and create blockades at the first sniff of something not to their liking? I am not so sure.

As opposed to Britain where we burn beef (and call it well done) and loot shops just for the hell of it!

France? Where they burn sheep and create blockades at the first sniff of something not to their liking? I am not so sure.

Meh – that’s not a massive breakdown in social order, it’s a highly ritualised affair. Even a few days of rioting is not a society-dissolving event.

This. “La manifestation” is what the French do on Saturday afternoons rather than join a sports club and if there’s a bank holiday weekend coming up, you can bet that there’s a strike at the schools/post office on the preceding Thursday.

Daily Mirror (possibly) lifted story from Sunday Times
that suggested one big issue is that for ex pats in spain with a mortgage the banks would use right to recall loans, forcing an exodus, though i would have thought most retired wouldn’t have mortgages

Spanish banks don’t have a right to recall loans, at least not that I’m aware of – the terms are quite clear when you sign it, including the length of time to pay. If you don’t pay, they can repossess your property, but I still can’t work out why the British government would be planning on helping out people who get into bad debts, though.

There are a suprising number of ex pats with mortgages out there.
A few years ago getting a mortgage was painfully easy.No proof of income required and you could borrow 120% of the value.
People used the 100% to buy the property and the rest on a new Mercedes.Theres an enormous amount of German cars on Spanish roads,great for the German economy.
Its still easy to get a 100% mortgage on certain properties as the banks have lots of properties on their books and would prefer to take what really is rental income.
The catch with some Spanish mortgages is that if you default and its repossessed then the bank will come at you for the amount of the full term interest.This is being challenged in court by Spanish nationals.If you’re British you just clear off.

Spanish banks don’t have a right to recall loans, at least not that I’m aware of

no idea either but a mortgage is only really a name for a type of loan secured on property, pretty sure most UK (ok English law) loans will have in small print somewhere that lender has right to call in loan

Here’s the quote from the Sunday Times (not always the home of accurate journalists) “Simon Smallwood, business development director at International Privare Finance, said: “There’s a danger the banks that have lent expatriates money for mortgages and loans could call in at short notice.”

we will fight them on the beaches.

In Spain you always wondered where the money came from for all the infrastructure as tax evasion is a way of life out there.

Spain had a budget surplus before the global financial crises/credit crunch.

http://krugman.blogs.nytimes.com/2010/02/05/the-spanish-tragedy/

pretty sure most UK (ok English law) loans will have in small print somewhere that lender has right to call in loan

Really?

I can’t get behind the paywall for the context of that other quote. It doesn’t make sense to me.