Friday 9 December 2016

Don't bank on death of euro but do play it safe

If you believe the single currency is doomed, then there are options for your savings, writes Marc Coleman

Published 11/12/2011 | 05:00

Reports of the euro's death are exaggerated. It will, I believe, survive and emerge stronger in the new year. I could be wrong, of course. But some striking news that broke last Thursday convinces me I'm not. News that George Soros -- the man who broke the Bank of England back in 1993 -- gobbled €2bn worth of eurozone bonds from failed investment house MF Global is striking for two reasons. Firstly, the money came not from a hedge fund but from his own personal stash. Secondly, he made the deal last October when the prospect of a new fiscal regime for Europe seemed remote. But not everyone is as confident as I am. And here are some options to consider if, unlike me, you think the euro won't see in the New Year.

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Under EU legislation you are entitled to open a bank account anywhere in the EU. In most EU countries the maximum deposit guaranteed is €100,000.

However, if you keep your money within the EU, Finance Minister Michael Noonan will still be getting his extra three per cent in DIRT off you. As long as you remain tax resident in Ireland, your DIRT-tax ass belongs to this Government, regardless of where your money is.

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