Daily Archives: June 13, 2012
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What will happen if Greece leave the Euro – How will they create their new or even relaunch their old currency?
Many of my regular clients have been asking me of late just what will happen should Greece actually leave the Euro? How long will it potentially take? What would the process be?
I have found a cracking article on the BBC regarding this matter and it explains everything in great detail – http://www.bbc.co.uk/news/magazine-18279522
My thoughts are that now that Greece will end up leaving the Euro no matter what happens in the elections this weekend however I don’t think it will be a big loss for the Eurozone it may well be seen as one of the rotten parts of the apple being removed.
The bigger issue will be if one of the larger economies steps forward and needs to leave, that will more than likely lead to a lot more complications, we are seeing signs of the issues Greece first showed signs of a few years back from these economies which indeed is a worry… 2012 will in no doubt be a nig year in economic history and if you have a requirements to either buy or sell Euros then it is key you have a currency expert on your side.
If you carry out bank transfers of anything from £1000 up to multi million Pounds then I can assist you both with your timing and getting the best exchange rate when you do carry out your transfer, depending on volume for corporate clients we can get better rates than almost all banks and brokers and for private clients I will bend over backwards to win your business from the banks or your current broker if you do get in touch via the site. I work for one of the top foreign exchange brokerages in the U.K and have done for many years, we are authorised as a payments institute by the FSA and we are a Public Limited Company so you can have peace of mind you are dealing with one of the best. Please feel free to contact me firstname.lastname@example.org quoting PSF in your subject header and I will be more than happy to help.
The bank bailout put in place of up to 100 billion Euros for the Spanish banking system looks to have well and truly back fired as fears that Spain will be slower to repay its debts sent the countries borrowing costs to unsustainable levels.
Spain’s 10 year government bonds shot up to 6.81% which are levels that have not been seen since before the single currency was formed. The higher these borrowing costs spiral the harder it will be for Spain & Italy to repay their debts. Analysts are stating that it is becoming more apparent that Spain will need a bailout and that if their borrowing costs spike at 7% this would be the same level where Greece, Portugal and Ireland all succumbed to pressure for a bailout.
The next key event which you should be looking out for is the Greek elections on Sunday. If the voters in Greece back the anti-
austerity left wing party it will push Greece closer to an exit from the Euro zone and cause even more upheaval. If you are concerned about events in Europe and have Euros to bring back to the UK or US please do contact me at email@example.com and I will explain all the options that are available to you.
The whole situation in the Euro zone is becoming more and more worrying. If Greece does leave the Euro and countries like Spain and Italy require massive bailouts the contagion will spread to other EU countries including the UK. It will be like a domino effect. With Britain such close trading partners with the EU you will find that sterling exchange rates could be hit in the long term against a host of major currencies.
Over the course of this month I still believe that the pound will struggle to push through the high of the year against the Euro. With all the uncertainty surrounding global financial markets, in the last week the pound dropped by two cents against the Euro before rebounding back to this two week high. Now may be a key time to look at securing your funds to take away the stress of exchange rate fluctuations through a forward contract.
After all is said and done, once the election in Greece passes no one really knows how things will pan out for Europe as we are in unprecedented
times. The one thing for sure is that we are witnessing history in the making.
If you have a requirement to buy or sell any major currency please feel free to contact me at firstname.lastname@example.org and I will explain all the options that are available to you to help you minimise your risk and maximise your exchange.