- Politics and Social Issues
What Will Happen To Your Money If The Euro Fails
It maybe not if the euro fails, but when the euro fails.The euro seems to be doomed in many peoples eyes and if you have your investments or money tied to the euro you will want to know what will happen to your cash.
The European Union is fighting hard to save the euro, but can we really believe that no country will pullout of the euro.
Greece looks likely that if any country drops the euro , they will be the first to revert back to their original currency, the drachma.
The Euro and Your Money
No matter how many bail outs we have, and the optimistic and upbeat news we are fed from the media, we are surely just witnessing a currency in decline. It seems unworkable,but if the euro were to collapse, how would this affect the money in your pocket.
Many people will have invested in the euro for holidays and purchases.So could you lose out on your euro investment.
No one knows for sure what will happen if the euro were to collapse.If one or two countries were to drop out it seems highly unlikely that you would be unable to exchange your euro notes at banks across Europe.
Anyone holding 500 euros would be better off saving them for future holidays or trips abroad.Opinions vary but is there any point on holding onto large amount of euros? Best bet is to spend or change euros if you have no plans for them.
Visa Cash Cards
Many holidaymakers may be holding money on visa cash cards.These cards are not covered by the Financial Services Compensation Scheme.If your card is issued by the big and reputable banks they should ensure of a refund under their terms. Unless the bank itself has collapsed, and the banking world is in meltdown.Obviously this would be an extreme scenario, but we cannot be certain what will happen.
You would not want to risk having too much money held on cash cards.
There is still a great deal of turmoil in Europe, and many doubts about the stability of the euro. Once one country leaves it is expected more will follow, but it will still leave a great uncertainty over the euro, and you would be correct to be hesitant over your euro cash.