Where to put your money in case of a new financial crisis in the eurozone

The Europacific bank is perfect for Europeans who want to deposit their money in a safe place outside of the eurozone in case of a eurozone collapse. A Europacific bank account allows you to hold funds in USD, EUR, CAD, GBP, AUD, JPY, NZD, CHF, and PLN. 

1/ If the euro collapses

Consequently, you may decide to hold funds in GBP or USD if the euro collapse someday. Also, since Europacific bank is located in Puerto Rico, it is not under a European jurisdiction. On the other hand, if you live in Portugal and that you decide to move your money to Germany it is useless because it is all part of the Eurozone. If the ECB decides to print money for Portugal, France, Italy, it is going to affect the whole European economy. Because of this scenario, it is useless to move your funds inside the eurozone.

2/ If the EU votes a directive to block transfers in case of a crisis

The EU countries may decide to vote a law to prevent their population to move their money outside of the country in case of a financial collapse of their country. For instance, let’s imagine that Portugal gets bankrupt. They Portuguese government may decide to block all money transfers from Portugal to any other countries. You think it is a conspiracy theory?

Read this (original statement):

* Withdrawals may be blocked for 5 days, up to maximum of 20

* Move meant to facilitate rescue of troubled banks

* Critics fear move could fuel rather than stop bank runs

BRUSSELS, July 28 (Reuters) – European Union states are considering measures which would allow them to temporarily stop people withdrawing money from their accounts to prevent bank runs, an EU document reviewed by Reuters revealed.

The move is aimed at helping rescue lenders that are deemed failing or likely to fail, but critics say it could hit confidence and might even hasten withdrawals at the first rumours of a bank being in trouble.

The proposal, which has been in the works since the beginning of this year, comes less than two months after a run on deposits at Banco Popular contributed to the collapse of the Spanish lender.

It also comes amid a bitter wrangle among European countries over how to deal with troubled banks, roughly a decade after a financial crash that required the European Central Bank to print billions of euros to prevent a prolonged economic slump.

Giving supervisors the power to temporarily block bank accounts at ailing lenders is “a feasible option,” a paper prepared by the Estonian presidency of the EU said, acknowledging that member states were divided on the issue.

Conclusion

Because of the centralized EU political system, even if EU has several jurisdictions, it makes no difference opening a bank account in Greece or in Germany. Additionally, It is too early to talk about the attractiveness of post-EU Great Britain.

We advise you to take a look at our reviews about banks outside of Europe.

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