Practical advice on how to prepare for a Euro-Catastrophe?

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Johnysid | 17:13 Tue 26th Jun 2012 | News
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The recent RBS debacle show what can happen when banks go wrong. If there were a major default by Spain or perhaps even if Greece decided it couldn't/wouldn't pay there would be a few days or weeks of severe liquidity problems. I really, really hope it wont happen and believe the chances of such a failure are under 30% but the downside is so bad it may be worth preparing now. My advice is to spread money between bank accounts, lay in a week of food stores, keep the fuel tank near full rather than empty and keep some cash at home. Don't be tempted to get rid of that gold chain yet.. Any other suggestions?


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Keep calm and carry on.
that's what I'm doing, em.
but I have bought a tin hat, just in case

none of the above.

If the sh!t hits the fan, ie any high st bank get's to the stage of not having the cash it's the end of civilisation as we know it. That's why governements bailed out the banks last time, no alternative. They simply wouldn't let it happen.

Greece is a relatively minor issue.
No good panicking - just carry on as usual. As long as you have a roof over your head, you will get by somehow.
... and isn't the Government protecting our assets to a maximum of £50K anyway?
I thought it was £85k boxy.
British banks have quietly been reducing their exposure to a collapse of Spanish and Greek banks. Not sure spreading your money around is good advice. It just makes it more likely you will get hit. Particularly I would avoid moving any money to Barclays and HSBC with regard to expose to Greece. And Santandar would be vunerable to a Spanish crisis. But as we have seen before, no bank is safe. They may not be directly vunerable, but they may have investments in other banks that are vunerable.
The Nat West problem is slightly inconvenient for a lot of people but illustrates nothing. There every reason to believe that if the Government have to do another Northern Rock, that they will not hestitate to do so.
My advice to you is to fill your cupboards with food and lock yourself in doors for three months, all most of all, avoid the internet for at least 12 weeks.
It is all a storm in a teacup, the Greek debt is peanuts compared with property values.
I can assure you Banks have been preparing for months.

The Nat West issue is something totally different; over offshoring.
As for the UK, we should use Greece coming out the Euro as a dry run for when we boot the jocks out the pooond.
//When we boot the jocks out of the pooond//

Are you confused about who is holding the referendum?
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Perhaps governments have had enough time to put in place contingency plans so that interbank lending is OK and there is no need to shut banks for a few days. If they have managed to do this sort of planning and put in place international collaborations there will be no shock at all. If they have failed to plan or the plans fail then there will be a "shock" of between a few days and a few weeks when banks and markets may be closed. If your cupboard is bare you wont be eating!
JTP, they may be, but many Scots i have spoken to over time don't wish for Scottish independence, and surely the British government is going to have a say?

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