Moving money out of spain

SaveTheEuro

gkerr4 wrote: »

why do they think that the british taxpayer should protect them?

I'm glad they can't.

I think any foreigner who conducts business in the UK and contributes to the UK economy should have the same protection as anyone else.

I would also expect any Briton with interests in Spain to have the same protection as afforded to natives.

srcandas

SaveTheEuro wrote: »

I would also expect any Briton with interests in Spain to have the same protection as afforded to natives.

What protection?? Just my opinion of course but Spain is a broken country where honest people pursue corruption simply to not be beaten into the ground by the corrupt controlling core.

Yesterday I walked the streets of Gijon and saw even more people "people who were not druggies, drop outs or tramps" begging than I have seen in recent years. They were asking for money for bread and they looked although they meant it.

In the next days I will go to a mining village to offer my support to the miners who are now fighting for survival. It is not a Scargill type struggle. These people are really fighting for survival. When their dole money runs out there is no security net. They starve.

I suggest best not to judge Spain as a law abiding European country when it comes to investments or deposits.

Just a personal view of course :beer:

sabretoothtigger

SliAbhaile wrote: »

They're only thinking of moving their money now?

Does seem a bit off, the exchange rate is lower now then for four years. Thats pretty bad timing considering none of this is new

Spain has a negative population growth, the chances of them being lucky and stumbling across a solution is not likely which means harsh cuts, worse before better


Tell them to just buy gold and/or stocks which are doing good business. Gold can be cashed into any currency and most stocks can do similar, many big companies are span international borders mediating the risk from just one country
Spain has quite a few global companies especially in south america which gives them some protection, better then jumping between currencies.

Sterling has its own problems and massive QE hardly makes it safer

srcandas

sabretoothtigger wrote: »

Tell them to just buy gold and/or stocks which are doing good business. Gold can be cashed into any currency and most stocks can do similar, many big companies are span international borders mediating the risk from just one country
Spain has quite a few global companies especially in south america which gives them some protection, better then jumping between currencies.

All well and good but if the transactions are held by spanish orgs. or within Spain they could attract an emergency tax.

As I understand it the ideal would be for a country like Spain to prepare in secret, print the money, wait till say Dec 31 when they can close the banks/bolsas for several days, and then convert all deposits to new pesetas or whatever, and distribute cash.

In reality Spain is like a leaky bucket and everyone would know in advance. Thus bank runs.

So the government could charge an emergency tax on all 'escape' transactions.

So if I wanted to get money out I'd want to do it invisibly.

In reality I think this is some way off and the tumble of the Euro supports this. However as unemployment pushes to 30% and dole money is stopped for millions, without social payments, the bigger problem might be civil unrest.

Sadly unlike Greece there is no organised political opposition to austerity. Groups like M-15 and DRY are running at a local level but with no political strategy at the moment. Groups like the miners, while being far more radical (blocking roads and railways, exchanging fireworks for rubber bullets) are likely to be a catalyst rather than a power base.

All very messy. Sadly my largely unemployed spanish family have very little to get out of Spain

gkerr4

SaveTheEuro wrote: »

I think any foreigner who conducts business in the UK and contributes to the UK economy should have the same protection as anyone else.

I would also expect any Briton with interests in Spain to have the same protection as afforded to natives.

true - but in this instance, they don't do either - they are just "Spanish friends" who want protection from the UK government on their savings.