Spain Get Your Money Out Whilst You Still Can?

NPowerUser

Well the assistant editor of the Daily Telegraph thinks so?
http://blogs.telegraph.co.uk/finance/jeremywarner/100024476/spain-is-officially-insolvent-get-your-money-out-while-you-still-can/

Can someone on this website confirm that Santander is 100% safe in terms of savings or mortgages?

I was speaking to someone from Spain and his comments were that unemployment was at 6M (75% of them under 30), 2/3rd's of his friends were looking to move away from Spain to look for work like he had done and far too many work for the civil service, where corruptions and jobs for friends and family are rife.

Do fellow contributors think that the Telegraph are over exaggerating or should we all be taking Spain's economic woes more seriously?

redbuzzard

The Eurozone is still kicking the can down the road while the members get their heads around ceding all sovereignty to the European Federal State, and the Germans are persuaded to absorb the financial levelling that will follow.

I have no idea how that will come to pass, or when, but come it must or the euro must be abandoned, by the southern European countries at least.

However the situation resolves, it's likely to be painful. In the meantime, unless you like risk, I'd keep well clear.

The point being I suppose that Santander can't divorce itself from all that, being a Spanish bank, though it came through the banking crisis with its credibility intact.

I wouldn't be too worried personally about funds in Santander UK, within the FSCS limit though.

Masomnia

Santander UK I wouldn't worry. If you're talking about funds you're holding in Spain I'd be tempted to withdraw unless you have good reason to keep them there.

ColdIron

Just an idle question, while I realise that deposits held with Santander UK are as safe as any other FSCS registered bank, what about the tax status of ISA money if they were to call upon it? I can't quite get my head around the process here, any thoughts?

Glen_Clark

NPowerUser wrote: »

I was speaking to someone from Spain and his comments were that unemployment was at 6M (75% of them under 30), 2/3rd's of his friends were looking to move away from Spain to look for work like he had done and far too many work for the civil service, where corruptions and jobs for friends and family are rife.

Is Britain any better?

innovate

In the ICESAVE disaster, people got certificates for their ISAs, to take into any ISA provider that accepted transfers in. The money then resumed to be tax free in the new cash ISA.

Glen_Clark

NPowerUser wrote: »

Can someone on this website confirm that Santander is 100% safe

No.
Nothing is 100% safe.
But Santander UK is apparently solvent, it is not allowed to move assets out of Britain without FSA approval, and it is protected by the £85,000 FSCS Compensation scheme.

jimjames

Glen_Clark wrote: »

Is Britain any better?

Yes. Unemployment at under 8% rather than over 25% for Spain plus we have our own currency.

The one thing I really don't understand though is the IMF saying we need less austerity because the economy is weak while telling countries like Spain & Greece with such huge unemployment and massive negative growth that they need to cut more.

I'm sure there is logic somewhere but I can't see it!

Glen_Clark

jimjames wrote: »

Yes. Unemployment at under 8% rather than over 25% for Spain plus we have our own currency.

The one thing I really don't understand though is the IMF saying we need less austerity because the economy is weak while telling countries like Spain & Greece with such huge unemployment and massive negative growth that they need to cut more.

I'm sure there is logic somewhere but I can't see it!

So you are the one who still believes the British Governments Unemployment Statistics.:rotfl:
Sure we have our own currency, devalued 20% against Spain,0.5% interest rates for 5 years and still we are in the sh*te.
In Britain unemployment benefit is about £300 a month -in Spain its 1200 Euros a month - and they have cheap housing!!

Nicholas-bloody-Parsons

NPowerUser wrote: »

Well the assistant editor of the Daily Telegraph thinks so?

Do fellow contributors think that the Telegraph are over exaggerating or should we all be taking Spain's economic woes more seriously?

Several Eurozone countries are technically bust, but the ECB have said they will do "what ever it takes" and the Euro is still back stopped by German tax payers.

I think that the ECB and Merkel will make sure that no country goes bust until the German election is over in the autumn, then I will expect some fireworks.

Greece has been in recession for 6 years. There are 6 million unemployed in spain and its getting worse. Something has to give............:eek:

redbuzzard

I know I've missed out on a 3% rise in the last week, but I'm out of the European index for now. I'm just not prepared to hold enough to mean much.

Everything will be correlated when it comes, so there's no real hiding place, but I won't be at ground zero