Posted on 12/18/2011 6:21:15 PM PST by kristinn
......are Hit by Financial Oblivion
Evacuation plans for British expats stranded in Spain and Portugal if their banking systems collapse are being drawn up by the Foreign Office.
The contingency plans are being put in place to help thousands of Britons if they were unable to get to their money in the event of a catastrophic banking collapse in two of the most vulnerable eurozone economies.
Around one million British expats live in Spain, particularly around Marbella and Malaga, and some 50,000 in Portugal.
The Foreign Office is concerned that those who have invested savings in their adopted countries would face losing their homes if banks called in loans and they were unable to access money.
Last week ratings agency Standard & Poor's downgraded 10 Spanish banks, including Banco Popular.
Among options being considered for a 'nightmare scenario' include sending planes, ships and coaches to evacuate expats - some through Gibraltar.
Small loans could also be made available to stranded Britons and pressure would be exerted on the Spanish and Portuguese governments to allow access to funds to pay for everyday essentials.
(Excerpt) Read more at dailymail.co.uk ...
All I can say is they are really losing it ~ have to ask yourself WHO WON THE WAR.
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.
The last Socialist government of Spain brought in millions of foreigners - mostly Muslims and Romanians.
Maybe if Spain collapses it would be easier and cheaper to announce those million expats on their own.
/sarcasm
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.
Maybe if Britain collapses, they will realize how truly insignificant to the world they are (ducks).
Also, the UK tax code gives folks a powerful incentive to spend as much time offshore as possible.
The EU was a stupid experiment, doomed to fail from the start.
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.
If the UK is doing a financial Dunkirk, can the US have a political Mulligan? Please?
Either way, it apparently is not a bad idea to own your own property free and clear.
Attentions will turn to our US debt again next year, and next year comes very quickly.
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?
Maybe I can finally get a maid that isn’t a Mexican. I’d like one that dresses like they do at Buckingham Palace.
It pays to own property free and clear in a place where property rights are established and stable.
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?
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.
I read about it in Spain only, starting about 2 years ago.
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