Savers In France And Italy May Be Robbed Too

According to “a senior Eurozone official”

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.

– Aggie

1 Comment »

  1. Buck O'Fama said,

    March 26, 2013 @ 6:49 pm

    I don’t think anything much will happen to interest rates here as Helicopter Ben is determined to make saving as unrewarding as possible. What will happen if there is a big influx of Euros here is that the dollar will strengthen while the Euro weakens. The EU wouldn’t mind if that happens as that will make their exports more attractive because of the weaker currency. However, Japan and the Fed have also been trying to drive down their currencies for the same reason. It’s a race to the bottom – I don’t know whose going to “win” but save your dollars, you may soon be able to use them for toilet paper.

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