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  1. #31
    Mrosso Mrosso is offline

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    Buy Gold, Spread money all around

    There is exactly a similar thread on Indians In Ireland

    Where to put savings before Ireland *defaults*

    few of the similar replies were there

    by champak:
    Very valid point. They say that when a frog is put in hot water he jumps out but if you put him in cold water and then raise the temperature, he doesnt jump out even if the water is getting hotter and gets cooked. This is the current situation and you will not know until it is too late. So as you say, it is very advisable to be safe than sorry. I suggest you to spread things around and keep a bit of cash around just in case the banks don't open for a few days if Ireland decides to leave euro or indeed is kicked out. Or otherwise, Germany leaves the euro and leaves the euro for the PIIGS. I have my saving spread in singapore and india and here in three different currencies of those countries. I may be wrong here as you said, but for your hard earned money, I am being safe.
    by champak:
    if you have money with UK banks but in Ireland, then it will not help if Ireland leaves Euro as all deposits in Ireland will be converted to Punt Nua. unless you have your savings with a UK bank in pounds.
    by ssd:
    Folks i frequently follow post regarding Ireland default, i do see people on the forum are optimistic about the future which we should all do, but as for now time is against kind of against us, as mentioned above in previous post Ireland is just buying time, i am following this thread and seems to be really informative, do read the comments of other people....give you an idea where could Ireland be in it defaults...which is highly likly
    Fri, 3 June, 2011 16:07:54http://www.davidmcwilliams.ie/2011/06/01/there-is-life-after-default-take-a-look-at-argentina
    by indianirish:
    The safest option is to convert you money into GOLD ...thats what I have been doing every since the past 9 years
    well.. I think no body knows what will happen. but one thing is for sure:
    ONE íll get worse before ONE get better
    e.q. Argentina as mcwilliams is saying or Iceland may be
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  2. #32
    Analyzer Analyzer is offline
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    any chance that Bertie might be out there ?

    and that the Bert might be able to give us advice ?

    Like, tell us there Bert - do you recommend putting money in an Irish Bank ?

    Or would you recommend putting the money on the horses instead ?
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  3. #33
    toughbutfair toughbutfair is offline

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    Nowhere is safe.

    Put your money in 5 or 6 different places.

    I have some in Euro (Rabobank), some in Sterling, some in global stock market, and next week I will be in Switzerland and will put some there. I have none (bar cashflow) in Ireland.

    All 4 could lose, but it is safer than having all in any one of them.

    You can only minimise risk, not erradicate it.
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  4. #34
    ChickenBiryani ChickenBiryani is offline

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    Quote Originally Posted by Analyzer View Post
    any chance that Bertie might be out there ?

    and that the Bert might be able to give us advice ?

    Like, tell us there Bert - do you recommend putting money in an Irish Bank ?

    Or would you recommend putting the money on the horses instead ?
    Bertie isn't here, but if he were, I'm sure he'd ask how you get out of bed in the morning, stop cribbing and moaning and then go and commit suicide.

    Or something like that.
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  5. #35
    Default Now Default Now is offline

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    Quote Originally Posted by CanRonPaulSavetheUS View Post
    you are out of your mind if you invest in gold outside your possession
    maybe....but its not a hard choice between scumers entering your house at knife point / gunpoint or a Swiss vault audited by 3 independent respected bullion audit firms. Plus I like the idea of being able to flip to 5 major currencies remotely without moving precious metal through the streets of post default Dublin.
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  6. #36
    kalipa kalipa is offline

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    What happens to the Post Office savings if we default ?
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  7. #37
    Default Now Default Now is offline

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    Quote Originally Posted by kalipa View Post
    What happens to the Post Office savings if we default ?
    IF we're forced out of the Euro it loses its value by 30-50% against the German Franco Euro. I'm making the assumption that Euro notes here have Irish serial numbers. I'm not sure about this. They could use this temporary set up for weeks / months before floating Punt Nua or whatever.
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  8. #38
    CookieMonster CookieMonster is offline
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    Quote Originally Posted by Paul Williams View Post
    Just wondering where is safe to put my and my families modest savings?
    if we have a soverign default what happens to your savings? Do they just disapear?
    I don't think anyone in our family is going to be buying stocks or gold so is a different currency the way to go? And if so, which?
    What about lodging it into a foreign bank or leaving it in a safe?
    Would I be right in thinking the Swiss Franc is a good one? Are the swiss banks mainly deposit based and not heavily exposed to the bond markets?
    Or would Australian or Canadian dollars be a good bet or are their economies too exposed to the States and China?

    All sugestions are appreciated in advance
    Switzerland.
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  9. #39
    constitutionus constitutionus is offline

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    well the obvious is gold and silver.

    thats WHY theyre shooting up.

    but i can understand why someone that either doesnt know how to get them or doesnt want to bother will look for a currency alternative so thats what ill address.

    the canadian dollar is a nice boring steady currency. its a nice big country with plenty of resources and as the collapse has shown THEIR banks werent allowed get involved in the muppetry the rest of the world engaged in so you can be assured they at least take regulation seriously.

    as a foreign currency choice i reckon you'd be grand with that one.

    the one that naturally jump to mind is the swiss franc, and its no harm having some of it. but as others have said many people have jumped into it already so your not getting great value out of it.

    someone picked a left field option of polish zloty and i have to agree with em. theyre basically us before the celtic tiger so no harm in that either.

    the thing to be aware of is what contagion a default will have to certain currencies. sterling will take a hammering, so will the dollar and god only knows whatll happen to the euro. it could either fracture back into local currencies or the germans/french et al could form their own super euro and sod off themsleves leaving you with a much devalued euro under your mattress.

    so thats pretty much you choices there from what i can see.

    i concurr with what others have said about keeping the gosh in a safe/under the matress. dont mind the scaremongers, unless you go about broadcasting it no one will know and you cover yourself from any forced conversion by the state into a new punt if worst comes to worst.

    hope that helps.
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  10. #40
    Mrosso Mrosso is offline

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    Quote Originally Posted by kalipa View Post
    What happens to the Post Office savings if we default ?
    I think post savings and banks(2 or 3 banks atleast) in Ireland are covered by same 'guarantee' maybe some less or more i.e. state ll pay certain deposits upto certain thousands euros!!?

    but problem here ll be real value of 'deposits' @that time.TO BE IRISH currency will lose its value against Euros or major int currencies.
    hence, Ireland will have expensive imports and cheaper exports. thus less money in our pockets to buy goods from abroad.

    May be we ll have lots of money but worth nothing ! 1000000=$1.00
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