Potential Euro Collapse Scares Expat Savers

Many Investigate Investment Options

London, UK (Pryce Warner International) May 29, 2012 – Speculation surrounding the uncertain future of the Euro has now spread to the safety net securing Expat savings, as Sir Mervyn King himself has openly confessed that there is “no solution in sight for a currency tearing itself apart.” The admission made by the bank of England’s Governor who is currently taking counteractive steps against any negative eventuality, has stirred quite the commotion amongst Expats and other international multi-currency savers alike.

Whilst those with Euro’s in the bank may be the most alarmed and fretful of the troubled currency’s widely anticipated decline, the truth is that nobody really knows how the Eurozone crisis will unfold or just which casualties, if any, will be brought down in the process. Some banks have reported seeing nothing irregular about banking activities, whilst others have seen balances levelled as people take precautionary measures to protect their finances.

More often than not, savings are protected by bank assurances or saver protection schemes, but those who stand to be impacted most admit they’re unsure of the security levels provided. Banks within the Eurozone are seeing savings being withdrawn en masse, predominantly by Spanish and Greek savers who fear the worst amidst the current financial climate and its ongoing instability; Expats have started to ask if there’s another solution to the pressures of this mounting problem.

In the UK, an individual’s savings of £85,000 or less are protected by non-funded depositor protection schemes. The same is true of Guernsey or Jersey-based savings of up to £50,000, where savers would see their money returned to them via external banks and government funding. With so many fearful of the whole banking system and its restricted options, many are investigating the myriad investment options open to them, choosing to turn to the experts for advice.

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By Anthony Standring
Financial Contributor
Pryce Warner International Group
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