18 Jul 2011 19:04:
I wouldn't trust any state guarantees in Spain whatsoever and I base this on the collapse of the Icelandic banks. I opened accounts with Kaupthing Edge and Icesave as they were recommended by Martin Lewis the guy that's often on TV and on http://www.moneysavingexpert.com/. I was re-assured by the fact that the banks were backed with a guarantee from the Icelandic Government so in the case of problems I had a cast iron guarantee to get my money back. Well, they did go bust and the Icelandic Government honoured their guarantee but only to Icelandic citizens - not a penny for foreign investors until Brown threatened and seized their assets and compensated British investors.
Lesson learned. I don't trust our own politicians let alone foreign ones. I don't need to re-iterate the way that people, who regularly contribute on here, have been treated so outrageously by the Spanish Government and the Spanish banks in relation to guarantees. I know Spain and Iceland are different in that Spain is fully in the EU but I don't play Russian Roulette with my hard earned cash.
I maintain only sufficient funds in my Spanish accounts to meet the bills I have to pay on our place. I know the banks are offering some good savings deals in Spain in order to recapitilise. TJ222's threads are a good read on this as are the articles online in the Telegraph and Guardian all of whom seem to be stating that things are far to volatile to take any risks at the moment, particularly this week following the bank stress tests and the crucial EU Leaders meetings later in the week.
This message was last edited by Costachris on 18/07/2011.
Thread: Is it a good idea holding large amounts of cash in Spanish banks?