The Times are calling it the “Icesave Effect”, based on the near collapse of Iceland’s banking system last week – where people feel their money could be safer in property than it is in a bank!
If you do have savings what can you do to protect them? Well, Spain currently guarantees deposits of up to €100,000 (up from just €20,000 1 week ago, which is the minimum limit under European Union law). In the UK, the guarantee level is £50,000 (up from £35,000 at the beginning of October), in Italy the level is €103,000, in Ireland €100,000. These amounts are changing frequently – so let me know if you hear different amounts.
So where are you keeping your money? Under the bed? Moving it to Italy? Or buying property – see my post next week for news on what some “investors” are up to… Add your comments below…
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You know the old sayng “as safe as houses” with the current banking crisis and some of the real genuine bargain properties on the market. And in most cases this is due to the current economic melt down…..
Surely the time is right for the shrewd buyer who can sniff out a bargain, and stick to the other old adage location, location,location, to invest in Spanish property again
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