Headline News

[martin]

In Sunday Times today is this headline, I cant read the article as I do not subscribe, perhaps someone who does can explain?

headline is


"The FCO is drawing up plans to rescue thousands of British expats from Spain and Portugal in the event of a banking collapse"

[martin]

managed to find most of the story

"The Foreign and Commonwealth Office is drawing up plans to evacuate thousands of British expatriates from Spain and Portugal in the event that their banking systems collapse. It comes as credit rating agencies warn that the deal struck by EU leaders this month may not save the single currency from further turbulence and possible collapse. Officials from the Foreign Office and the Treasury are preparing contingency plans to help thousands of Britons get home if banks in Spain and Portugal — two of the most vulnerable eurozone economies — fail and people are unable to get at their money.

The Treasury confirmed that plans to give emergency aid to Britons if eurozone banks collapse were being prepared but refused to give details.

Foreign Office sources said it was planning for a “nightmare scenario” with thousands of penniless Britons sleeping at airports with no money and no means of getting home. Among the contingency plans being discussed are sending planes, ships and coaches to evacuate expats.

A senior Foreign Office source said the plans were being drawn up to deal with a worst case scenario. It is drawing on experiences of other mass evacuations, such as during the 2006 war between Hezbollah and Israel where the UK sent warships to evacuate expats from Lebanon.

[roy4eyes]

Go to www.thesundaytimes.co.uk for their full story.

It does seem a bit sensational and assumes that those who have loans from Portuguese banks may well be in trouble if the banks recall such loans. Savings are guaranteed to €100,000.
Talk of starvation and thousands sleeping on the airport floors because they could not withdraw money is, in my opinion o.t.t. because if ex-pats could not withdraw money, then neither will locals. If the very worst imaginable came into play for a short time whilst the banking system sorted itself out, then the population generally would sort itself out by bartering, i.o.u.'s etc.

[cereza]

Yes I saw this Martin and it is surprisingly sensationalist for The Sunday Times but I would guess that it is factual with the relevant government departments having to plan for worst case scenarios although I really can't imagine it getting to that stage - hopefully )

[laserblazer]

Surely, if it happened it would be cheaper to send in some mobile banks and lend out some euros.

[widge]

Surely, if it happened it would be cheaper to send in some mobile banks and lend out some euros.

You mean Escudos & Pesetas!

[malrc]

Read this if you want to see what might happen:

http://www.huffingtonpost.co.uk/2011/12 ... 34384.html

[martin]

see here for someone who has pasted the full article

http://www.expatfocus.com/Forums/viewtopic/t=32470/

[djprescott]

Surely, if it happened it would be cheaper to send in some mobile banks and lend out some euros.

You mean Escudos & Pesetas!

Hey, I've got a few Escudos lying around somewhere - is it worth hanging on to them?!!!

[shanagarry]

I don't suppose any of this will come to pass in the way it has been outlined but I have some comments/questions for those of you who know about such things:

- Why would it be necessary to have a mass-evacuation?

- If there was a need for a mass-evacuation, where would those evacuated be taken to?

- Would there be fleets of UK, German, Dutch etc ships in Portimao/Vilamoura collecting their Nationals?

- When those mass-evacuated turn up in their 'home' country - where will they live and what will they do for money?

- What would become of the homes and belongings left behind?

- What would happen to any Euro mortgage or other debt if all the repatriated people defaulted on their liabilities?

Some might call that scenario - utopia

[joeysoap]

In Sunday Times today is this headline, I cant read the article as I do not subscribe, perhaps someone who does can explain?

headline is


"The FCO is drawing up plans to rescue thousands of British expats from Spain and Portugal in the event of a banking collapse"

Paper never refuses ink.