Savings accounts in Spain, Italy and other European countries will be raided if needed to preserve Europe’s single currency by propping up failing banks, a senior eurozone official has announced.
The new policy will alarm hundreds of thousands of British expatriates who live and have transferred their savings, proceeds from house sales and other assets to eurozone bank accounts in countries such as France, Spain and Italy.
The European Spring! With the warm weather comes the riots!!
Hey, do you suppose that a bunch of desperate Europeans are right this minute transferring money to US banks? What will happen to interest rates here? Sorry Grandma, you might need a part-time job to pay for groceries. Your “savings account” now has a negative interest rate. Of course, Buck is our resident expert, but that scenario wouldn’t surprise me.