A Financial Dunkirk: Britain Draws up Plans to Rescue Expats if Spain and Portugal...

UK Daily Mail ^ | Sunday, December 18, 2011 | Wil Longbottom

[kristinn]

Remain calm. All is well.

[muawiyah]

So, Spain has, in addition to a million Moslems, a million Brits.

All I can say is they are really losing it ~ have to ask yourself WHO WON THE WAR.

[cloudmountain]

I always wonder about expats putting all their eggs in one basket, particularly a foreign one. Why not hedge their bets and keep it half and half? Or better yet, keep their money HOME and draw from it when needed. With today's communications that's not difficult.

They are asking for trouble by doing that...and probably the Spanish and Portuguese banks offer high interest to lure them into thinking the banks there are safe.

Tsk. What can the British government do? They can't refund them the money they lost there.

[Arthurio]

The last Socialist government of Spain brought in millions of foreigners - mostly Muslims and Romanians.

[GeronL]

Maybe if Spain collapses it would be easier and cheaper to announce those million expats on their own.

/sarcasm

[Former Proud Canadian]

Well, really, it isn't. The Brits are getting ready for a European financial collapse. The UK government expects, at least, Greece, Portugal and Spain to experience bank runs and closures. They are getting their banks, their financial systems, and their people ready for that eventuality.

Well, I guess there are a few firewalls to burn through before it gets to us, it will take a couple of years, but it will get hot here.

[Clemenza]

Maybe if Britain collapses, they will realize how truly insignificant to the world they are (ducks).

[NativeNewYorker]

No excuse for bad decisions, but keep in mind that Britons retired now spent much of their lives in a UK that itself was financially dicey. What standard-of-comparison did they have for moving their assets to Spain?

Also, the UK tax code gives folks a powerful incentive to spend as much time offshore as possible.

[SWAMPSNIPER]

The EU was a stupid experiment, doomed to fail from the start.

[KoRn]

"Well, I guess there are a few firewalls to burn through before it gets to us, it will take a couple of years, but it will get hot here."

It could 'happen' here in a day. All it would take is the Bond market looking for higher returns. If rates go up, we are in SERIOUS trouble with the amount of debt we need to give away 'free shit' to the deadbeats.

[GreatRoad]

If the UK is doing a financial Dunkirk, can the US have a political Mulligan? Please?

[MSF BU]

Either way, it apparently is not a bad idea to own your own property free and clear.

[GonzoGOP]

Well, I guess there are a few firewalls to burn through before it gets to us, it will take a couple of yearsHOURS, but it will get hot here

If Europe collapses it will chain react to our banks as soon as the opening of trading the next day.

[familyop]

Attentions will turn to our US debt again next year, and next year comes very quickly.

[cicero2k]

Something similar is going on here. California has declared millions of State employees millionaires, even though the state does not have the money. A 100K pension makes you a millionaire.

So the state runs a deficit each year. They pass an artificial budget and revenues unexpectedly miss. Eventually the will look for the Feds to make them whole. States like Colorado for example, will then pay for these millionaires.

Fair eh?

[vetvetdoug]

Maybe I can finally get a maid that isn’t a Mexican. I’d like one that dresses like they do at Buckingham Palace.

[NativeNewYorker]

True. But...in Spain, local governments have started declaring land titles/building permits, etc., void when it suits them.

It pays to own property free and clear in a place where property rights are established and stable.

[MSF BU]

Interesting, I didn’t know that. I have experience in Portugal where the expats seemed to be very happy (at least in the Azores), but they were primarily Americans of Portuguese ancestry. So is this problem across the country or limited to certain areas?

[cloudmountain]

No excuse for bad decisions, but keep in mind that Britons retired now spent much of their lives in a UK that itself was financially dicey. What standard-of-comparison did they have for moving their assets to Spain?
Also, the UK tax code gives folks a powerful incentive to spend as much time offshore as possible.

Brits have been working and living overseas for HUNDREDS of years. They KNOW what the deal is. British banks have been around for HUNDREDS of years. Ignorance is no excuse for British expats...after all, they were smart enough to work overseas, buy a house overseas, retire overseas. What happened to all those smarts when it came to banking their HARD-EARNED money?

And, if they are so savvy about tax codes and spending time offshore, you'd THINK they might look into safeguarding their hard earned money better.

I knew too many British expats who weren't college educated (They were blue collar.) but they knew how to tend their money. They ALL KNEW that if a deal looked too good to be true....it WAS too good to be true. Much is just common sense about NOT falling for the con: 20% interest on your savings at our bank!! Year, right.

[NativeNewYorker]

I read about it in Spain only, starting about 2 years ago.