[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.

[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.

[Pilsner]

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.

Long term, that would help, and medium term, it might help. Short term, when the ATMs and banks are closed, and the banking networks are offline, so your Barclays Bank debit card won't work on the Iberian Peninsula, even though you have Pounds Sterling in your Barclays account, back in Britain, it won't make a bit of difference.

[Cronos]

why? Because most Brits settled in Galicia etc. for the lovely weather. It’s like they moved completely there — there are British colonies!

[Vermont Lt]

I believe there are limits on the total amounts of some currencies you can transfer internationally, or the frequency.

I know if you are working overseas from the US, you want to keep all of your money local, so you can control what Uncle Barak will tax.