Expats to be 'rescued' from Spain and Portugal!!!!

I read recently in the financial part of a UK daily news paper that if Spain were to go back to the Euro that mortgage debt would be set no higher than the valuation at the time of the transfer from Euro to Pesata? That being there would not be any negative equity.

Regards,

Robert Morgan

Very interesting post Foxilady.  If Germany withdrew from the EU, what would the Euro be worth to the pound, 200?

Hi Don highly unlikely, but i have seen a nice little mansion in Spain that we will be buying hahahahahaha

If Germany withdrew Foxers, the Euro wouldn't be worth the paper it's printed on.  Glad I haven't completed yet!

Exactly my point Don

 I hope the banks do go bust in Spain as do the law firms in the country. I had Santander Bank steal 10k euros and lawyers even more.

They should not even be in Europe as don't follow european law.

Wayne

Someone posted info on this a while ago but the list of prefixs\countries wasn't complete. Here is a full list for anyone wanting to get rid of the riskier notes.

Where do my euros come from? The code breaker

The 11 digit serial number on every note begins with a prefix which identifies which country issued it.

German notes begin with an X, Greek notes start with a Y, Spain's have a V, France a U, Ireland T, Portugal M and Italy S.

Belgium is Z, Cyprus G, Luxembourg 1, Malta F, Netherlands P, Austria N, Slovenia H, Slovakia E and Finland L.

Probably not the right place to put this link, but the headline does get a mention.  The link contains information on expats' views about living in Spain under the present circumstances etc. - a BBC east interview with Mazarron residents.

http://www.simplynetworking.es/news-10344-31-expat_interview_1_the_bbc_asks_how_the_crisis_is_affecting_expats_in_spain.html

 First -if you cannot get the link to work by copying and pasting - just do a google search 'simply networking bbc interview expats' and it comes up.

Very interesting -  love it - not in the least bit surprised!!!!!!!!!!!!!!!

 After spending my first christmas in the UK for 8 years,i can say with great confidence that there is not room to repatriate anybody!!!

The country is bursting at the seams...you can drive through Spain and France on Beautiful new motorways reasonably traffic free.....you get to England and its shoulder to shoulder and the motorways are like dirt tracks in comparison.

I think many expats that talk of going back should compare the UK to childbirth.....after a while you forget how really bad it was to suffer the experience!

If they send a boat for me then it would get a big..."no thanks".

 just read the article you indicated jimbo

it would seem the panic was based more on brits stuck at home jealousy rather than any fear or real problems we have here in spain

as for me i hadnt even noticed there was any crisis here until i saw this thread

oh well now time to worry about where to go for my 1 eu ooooh so expensive coffee 

I just read a post on here and tea came down my nose. Are people seriously suggesting that if Greece did exit the euro, the notes with that country´s prefix would suddenly be worthless? Would vending machines, car park meters, shopping trolleys all require immediate modernisation in case someone tried to use Greek euros?

The Greek notes and coins would simply remain in circulation. No new ones would be printed but the old ones wouldn´t suddenly become worthless overnight. That would be idiotic.

 yes but that is not as disturbing as the predictions of riots and violence!!

Interesting reading the article.

Those interviewed and many of the comments tend to be from the mature members of the forum. It would be nice to hear from members who are making a new life in Spain who have to work and who may have children to support. What are their thoughts on the matter?

Employment opportunities or rather the lack of them seems to be more of a reason for people to be 'rescued' from Iberia. Youngsters bring life and vitality to communities and I think the current situation will bring more ghost communities or emphasis the 'God's Waiting Room' feel many communities already have.

David

In reply to Scout,I think what was meant was not that the greek Euro would be worthless,more that the Greek Euro would be in fact worth less,as it would almost certain that Greece would change currencies and that would be worth less than the current Greek Euro,so if you held Greek Euros you would get less of the new devalued Greek coinage

Personally I dont think the Greek people would worry one iota that people operating coin taking machines would be financially worse off until they updated their machines

 the greek euro would be worth exactly the same as any other. so cash in hand good money in bank bad woulod be changed into any new greek currency which would be devalued so you would get more.

but if you dont live in greece with greek income why worry about it?

For those with families and needing to earn a living here it is still very tough.  Most expat businesses have typically depended on the expat market but today those people are spending less money, as they generally have less to spend.

Those businesses which have also appealed to the Spanish have faired better but even Spanish businesses are closing down.

The majority of expats here on the Costa del Sol, close to Gibraltar, have been saved by the huge amount of jobs created in the online gambling companies on the rock.  Without the big rock, many would no longer be here.

You only have to look in the local newspaper to see that unless you work in the "adult entertainment" industry or are a really good sales person, then there are practically no jobs.

And let's not forget that actually being paid here is a bonus and a typical salary is €1000 per month net!

In general, for those with families that need to work, it's tougher than ever.

Justin

A client of mine e mailed me yesterday and he SAID he had been re-employed as a PROPERTY ADVISER after some 4 years of been unable to find a DECENT job in REAL ESTATE apparemtly a real upturn has been seen in RECENT months and VIVA recorded the HIGHEST number of sales for quite some years on the COSTA DEL SOL

However its the 100% deals bank owned properties going FIRSTLY he emphasised

ITS genarrally known that REAL ESTATE tends to be the first to benefit from an upturn

so FINGERS CROSSED

Rod

Having lived in Spain for 7 year now back in the UK. I saw this coming main reason I left. The Lawyers are corrupt and the banks are just stealing overseas funds.

www.cheapropertyspain.net

Sorry Wizard 2 - I´m genuinely not following the thinking. Are you saying Greek euros would be worth less than other euros, is that what you are trying to say? So we´d have to examine each coin and note for serial numbers or clues to where it was minted?

As the coins / notes have no intrinsic value themselves i.e aren´t convertible to gold, would it not make sense just to leave them in circulation? 

If the Greeks decide to return to the Drachma, why is that going to have any effect on me using a 20€ note with a "Y" prefix in my local supermarket? Answer of course is that it wouldn´t.