I've got my own Conspiracy Theory on this one.
The government will allow the £ to slip so close to the Euro that when they suggest that we might as well change to the Euro since it is worth the same as the £ then there will be no resistance from the voting public.
At which time of course, everything will go up in the UK just like it did when we moved from good old LSD to decimal - not that I remember that of course - my granny told me, honest!
Message posted by mcjackson on 10 December 2008 at 7:53pm - IP Logged
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There are some advantages in having a weak currency.
In the early 1990s, the pound's weakness set the UK on course for 15 years of sustained economic growth.
The currency was ejected from the European Exchange Rate Mechanism (ERM) on Black Wednesday in 1992, but the pound's weakness that followed enabled the UK to regain its competitiveness.
Whether this will put any more money in my pocket to buy those Euros I think is doubtful.
Steve
Message posted by Geoff on 11 December 2008 at 2:34pm - IP Logged
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Afraid I can't quite share your optimism Nuffstrong.
All I know is, I bought my plot of land in Drachmas, and wish I had been able to pay for all my house to be built then. The way things stand now I'll be lucky if I can ever afford to TOTALLY finish it - thank goodness it is at least in a liveable condition so I can retire to it if the current economic climate forces me out of work sooner than I expected.
Message posted by Viv D on 11 December 2008 at 3:09pm - IP Logged
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I would just like to say in The Daily Mail this morning. Here is just a sample of what they said.
=============================
At Luton Airport, one bureau de change was offering 1.04 euros to the pound.
Accompanied by a hefty £4.50 commission charge, it meant travellers handing over £100 received only 99 euros.
A short time ago the pound was worth just €1.1348, unchanged from the record low set yesterday.
Well,
Wish we hadn't started to buy a property now.
We sent our deposit over in November at 1.17 and didn't go down the route of buying at that rate for future trading.
At the point we are at presently we can just about afford the house, any lower then we lose about 6K as the estate agents in Corfu said we cannot have the deposit back,even though the house is still on the market with them and several different agents.
If all goes wrong we are still going to buy on the island, but will buy a bit cheaper and not do the same again.
Agree with everything you have said Jan.
Andy & Amanda.
Message posted by panv on 11 December 2008 at 3:29pm - IP Logged
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Geoff and Andy you have my sympathy.
None of us foresaw just how fast our economy would deteriorate although the property market bubble in the UK was bound to burst eventually with all its consequences. Every action has a reaction.
We decided to sell our house and downsize then put the money in the bank and earn interest.
We're hit from both sides now. The income from interest is reduced and our earnings are worth less.
However we will still be going to Corfu for four months but will need to be careful.
Having said all that the residents plight is much worse than any of us so I can't complain and that in itself will keep prices down on the island.
As and when speculators stop selling the Pound for profit and the Press stop talking us into an even deeper recession it will bottom out. Economic gloom is not confined to the UK but is global it's just that we're on the frontline.
Steve
Message posted by seaangler (Chat Room Administrator) on 11 December 2008 at 4:11pm - IP Logged
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seaangler
Quote: Originally posted by panv on 11 December 2008
If given the vote the UK will never join the euro, its more to due with the fear of all things European than the value of the euro.
Thats if we our given the referendum to vote on it...But looks like Mr Brown has other ideals!!!!!Chris
Message posted by C4owner on 11 December 2008 at 4:25pm - IP Logged
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Two hours ago I phoned my exchange broker to transfer some sterling to euros. For an amount over £10k he offered me 1.1130 euros to the £.
I asked whether the market forecasts were looking good or bad. According to him the general concensus is that it will stay at around this mark until the New Year and then a small rise back up into the 1.20s is anticipated in January or February.
So the question is.... do I buy now case it gets any worse or am I brave and wait in case it gets better? Crystal ball and rune stone responses welcome
Message posted by kerkyra on 11 December 2008 at 5:56pm - IP Logged
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We are banking..haha on the latter wait and hope that it goes up.
Unfortunately we have agreed a euro price with the seller of the house so just hope we get a rate near to 1.20 or its going to be a cost we hadn't thought about.
Andy & Amanda.
Message posted by openside on 11 December 2008 at 6:46pm - IP Logged
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The tourist exchange rate below 1 euro?
That at least is what happened to a friend of mine today at Valencia airport, less than 1 euro for a pound!!!!!
Has it happened in Corfu yet?
Message posted by SpearTravels on 11 December 2008 at 7:29pm - IP Logged
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Spare a thought for those who have retired to Corfu and are dependent on pensions from the UK and having money transferred over or even drawing it out of an ATM in Corfu in Euro.
When I bought our land in only 2001 on the cusp of the Drachma/Euro it was at the rate of Euro 1.61 per pound.
I certainly couldn't have afforded to buy there now.
Message posted by spiros on 11 December 2008 at 11:19pm - IP Logged
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It was on the news on the radio this aftenoon saying that they expected a rush of people arriving back in UK from Spain who were running out of money. I would guess the same applies to Greece although the numbers will be much smaller.
Message posted by baywatcher on 12 December 2008 at 7:58am - IP Logged
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baywatcher
We moved to Corfu in May this year and bought our house in July at exchange rate of 1.28Euro to the pound.
We are pensioners and yes we are getting less money now but we still find it cheaper to live in Corfu than in Pembrokeshire. The council tax and utility bills in Pembrokeshire were crippling and we saw very little for our money, public transport for our village was only running during the tourist season, no NHS Dentist available in the whole of the county, there are many more reasons why we moved but mainly it was about costs in UK and the warmth and friendship of our wonderful Greek friends and now neighbours. We certainly will not be returning back to the UK except for holidays to visit family and friends.
Regards Denise
Message posted by alterego on 12 December 2008 at 9:59am - IP Logged
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Denise, it is wonderful that you are happy. I am a bit gutted at the exchange rate but if it comes to being the same as the £ so be it, I still think we'll be going :)
Message posted by baywatcher on 12 December 2008 at 11:52am - IP Logged
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baywatcher
Thanks alterego,
We have a Nationwide account into which all our pensions are paid into in the UK, we then draw money from ATM's and do not get charged commision and we get the bank rate (not tourist rate) of that day allowing us to pick and choose when the best rate comes in.
Regards Denise
Message posted by Geoff on 12 December 2008 at 5:28pm - IP Logged
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Baywatcher -- Thats interesting. I currently use Internet Banking to transfer from my UK Bank to my Corfu Bank, but I get charged for every transaction.
Which type of account do you need to have with Nationwide for the benefits you describe?
Message posted by BruceAndMaria (Born again CTG member) on 12 December 2008 at 7:44pm - IP Logged
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Quote: Originally posted by DavidJ on 10 December 2008
Here's my predicted date for when £1 = 1 Euro. January 30th 2009.
Any other bidders?
It Looks like your going to be right David..the tourist rate at the moment at the post office is £1 = €1.089 and it is expected fall further over the next six to eight weeks..
Bruce
Message posted by C4owner on 12 December 2008 at 8:08pm - IP Logged
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Quote: Originally posted by Geoff on 12 December 2008
Baywatcher -- Thats interesting. I currently use Internet Banking to transfer from my UK Bank to my Corfu Bank, but I get charged for every transaction.
Which type of account do you need to have with Nationwide for the benefits you describe?
Nationwide 'Flex' account I think it was called, but I'm sure someone will be able to confirm
Message posted by Don1 on 12 December 2008 at 9:56pm - IP Logged
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Changed £500 to euros at local PO on 31st October. Done the same today, difference EXACTLY €70 and this in just 6 weeks!!!!! Exchange today €1.089 to £1.00
Message posted by Annie16 on 12 December 2008 at 11:21pm - IP Logged
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The poor exchange rate is certainly depressing. Thank goodness we bought our house last year. The same house would cost us an additional £36,000 at the current rate which would have put it way above our budget. Fortunately we've also completed most of the work on the house too. The swimming pool will have to wait - we might be able to afford an inflatable paddling pool!! I feel sorry for people who are relying on a UK pension.
Message posted by PaulEFC on 13 December 2008 at 6:46pm - IP Logged
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Geoff, which online UK bank do you use do transfer funds to your Corfu account. The one I have, (Nat West) will not allow me to transfer out of the UK.
Message posted by NIGEL on 13 December 2008 at 8:52pm - IP Logged
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I bank online with Halifax and use them to pay any deposits for my holidays. All you need is a/c name, iban number and bic and you can transfer any amount online . Funds are in the other bank within 1/2 days.
Nige...
Message posted by kinninviekid on 14 December 2008 at 1:03am - IP Logged
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Quote: Originally posted by Geoff on 12 December 2008
Baywatcher -- Thats interesting. I currently use Internet Banking to transfer from my UK Bank to my Corfu Bank, but I get charged for every transaction.
Which type of account do you need to have with Nationwide for the benefits you describe?
Hi
You need a Nationwide flexaccount.
They dont charge AT ALL if you withdraw using the debit card.
You can also keep the money you are not using in their e-savings account until needed to get a decent interest rate(comparatively!)
Bob
Message posted by kingofswing on 14 December 2008 at 8:07am - IP Logged
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We have 17 days left of 2008 at the current level of decline for the pound my prediction is Jan 1st even stevens. I also predict tomorrow will be cold in the u.k. Hi John and Yvonne will see you soon. johnny mac.
Message posted by nuffstrong on 14 December 2008 at 2:56pm - IP Logged
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Well I need to buy some Euros to pay for the ferry in Jan. Minoan have kindly offered to hold our reservation until 10th Jan without any payment yet (don't think P&O would do that) so I've bought a FairFx card.
The card costs a one off £9.95 if you buy under £500 when you open the account. I only bought £20 just to test things out and got 1.109E to the £ which is poor but on that amount its ok.
The "Commercial" rate is 1.119E just now so not a bad deal but the main thing is FairFx don't make ANY charges for online purchases eg buying Minoan ferry tickets or shop purchases abroad. They use the Mastercard system so acceptable globaly.
They do charge 1.50E for cash transactions but that's it, no hidden charges so the 3% charge which my credit card company wanted is saved.
Hopefully by 10th Jan the rate will have improved.
Downside is that your funds aren't guaranteed under the FSA scheme.
Steve
Message posted by Melster on 14 December 2008 at 6:39pm - IP Logged
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We bought our house this time last year and got 1.42E. Just sent some money over for renovations and by the skin of our teeth got 1.20E. What with the property market crash and the Euro crash, we're down about £30k on our original budget from last year. Means we have to stay in the UK longer to pay for the renovations, but hey, we'll get there eventually!
Our broker reckoned it would drop to 1.10E by the first quarter of 2009, but as they're already at 1.11E, think he might have been slightly optimistic!
Fingers & toes crossed for everyone on the site that rates don't reach 1:1 and pick up again soon.
Melster
Message posted by thecorfiot on 15 December 2008 at 9:49am - IP Logged
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Sorry if I am repeating something already covered in this thread but I have only just stumbled over it!
I have a few observations!
Firstly, as for transferring money from the UK, those of us resident in Greece will be aware of the difficulty in ...er... legally opening UK bank accounts, so if you don't already hold one of those accounts that offer free transfers into euros one is basically stuffed!
However, should you have a UK bank account and want to transfer funds abroad in euros, you may want to check out, UKForex. (www.ukforex.co.uk).
They will transfer amounts up to £3,000 for a flat fee of £7 and amounts over £3,000 for free. I can't speak for all banking institutions but I can say that their rates are significantly better than Barclays. I use them regularly and have not had a problem.
Secondly, Can anyone that withdraws funds from UK banks from ATMs here tell me whether their UK bank charges them as the funds are transferred in euros and if they do, what effect this has on the rate? I regularly buy from all over the world, usually in euros or US dollars but I am always charged by Barclay's when the debit hits my account for transferring the amounts into Sterling. Perhaps, more importantly, is there any difficulty in obtaining 'pink slips' to keep the Greek tax authorities happy?
Thirdly, on a personal note, I cannot see any logical reason for the UK not adopting the Euro. I would suggest that for the average man (or woman!) in the street, it would only be beneficial. I should add that until living abroad, I was fiercely protective of 'our' pound but now realise my stupidity!! The only people who will lose out are bankers who won't be able to charge for the exchange.
Finally, BBC News 24 reported this morning that one of the large bookmakers was offering 20-1 odds on the UK adopting the euro within a year. I reckon that might almost be worth a bet!
Have fun!
Bob G.
Message posted by Geoff on 15 December 2008 at 12:28pm - IP Logged
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Hi, and thanks to all for the replies. Looks like I need to open a Nationwide Flex Account.
KT1 - HSBC - Internet Banking allows you to transfer in most currencies to more or less anywhere. Funds take no longer than 3 days to Corfu, and on occassion the transfer has happened on the same day!. The service is only available during UK office hours, but that's no real hardship. There's a standing charge of £9 per transaction, the exchange rate varies according to the amount transferred but it is usually pretty good - always above tourist rate, but never quite the full banking rate of course. I use Alpha Bank in Corfu, which also has Internet Banking, so I can control that from the UK and do further transfers to any Greek Bank Account if I need to without that £9 fee, very handy if paying several small sums to different people.
Melster - I can sympathise as I have the same problem as you. I still have to find about 20,000 Euros to finish my house completely. When we first started the rate was around 1.54 which meant it would have cost me £13,000 then - at todays rate it's more like £18,500. Such a pity we couldn't have afforded to pay for it all at the beginning, not only would I have saved a load of money, but I could have already retired and be living there instead of still struggling here in the UK. Oh well - such is life. Don't worry, I'm sure we will all get there eventually!!
Message posted by DavidJ on 16 December 2008 at 1:32pm - IP Logged
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Yvonne + John - Thanks for the info. I think I will continue to use HSBC for Internet transfers - I got 1.0948 on a 350 Euro transfer this morning, so that's not bad. But I will definitely be opening a Nationwide Flex Account as well so I can use the ATM when I need some extra cash.
Merry Christmas to you all - here's hoping for a better 2009 that helps everyone to achieve their Corfu dreams.
Message posted by nuffstrong on 16 December 2008 at 5:06pm - IP Logged
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If anybody was interested in my post about FairFx cards Moneysupermaket.com are doing a promotion whereby you get the FairFx card free if you buy 10E or more so you won't pay £9.95 (like I did)for the card.
Today they're giving 1.1025 with no charges.
Message posted by MCH on 16 December 2008 at 5:15pm - IP Logged
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we are currently in the process of selling our cottage on the north east coast and are watching the rates with great interest. If it drops much lower by the time we complete we will be very happy. I am just glad the rate wasnt so low when we bought otherwise like someone previously mentioned we just wouldnt have managed it.
bobtailbabe
Message posted by BruceAndMaria (Born again CTG member) on 17 December 2008 at 8:13pm - IP Logged
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Expect pound to continue to weaken against the Euro as long as the markets believe UK interest rates will drop even lower and Eurozone interest rates will not fall so fast.
UK government has abandoned any attempts to support the pound in order to try and prevent the economy sliding deeper into recession - political expediency with an general election getting closer. However, severely weak pound will hamper UK government's ability to increase national debt through the issue of gilts(the usual method) so this will create an interesting conundrum for our mate Gordon.
Message posted by BruceAndMaria (Born again CTG member) on 18 December 2008 at 12:59pm - IP Logged
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I don't know about anybody else but after all the vast amounts of money that have been mentioned in the news over the last few months, I'm beginning to take no notice anymore....Take this American financier Madoff who made off with $50 billion, at one time I would have been shocked about the amount, but now I don't give it a second thought..
What I can't work out is, if the governments around the world can find these amounts of money now to prop up banks and business's , why couldn't they have found it in the past to elevate the poverty and starvation that people are suffering in this world of ours.
Bruce
Message posted by nuffstrong on 18 December 2008 at 1:24pm - IP Logged
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When the press have finished their alarmist reports and moved on this problem will still be with us.
There is no short term fix.
We have had a many years of people spending money they don't have which was lent by Banks who didn't have it either except on paper.
We have allowed the "Service " sector economy to overturn the "Industrial" economy and are living with the results. The problem is that the UK along with the USA has spent itself into bankruptcy.
Paper money is only worth what we make it.
Message posted by BruceAndMaria (Born again CTG member) on 18 December 2008 at 2:31pm - IP Logged
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"We have allowed the "Service " sector economy to overturn the "Industrial" economy and are living with the results"
Your correct there Steve..when I moved to the town I still live in, every factory was heavy engineering..you would never stop to let people across the road otherwise you would be stuck there until hundreds of men and women had crossed after finishing work.
Today all the sites are warehouses and offices with hardly anybody working in them, there's no large industrial factory left. it's all containers lorries from every country in the world delivering the goods I and hundred's of others used to make.
Bruce
Message posted by toulky on 18 December 2008 at 6:09pm - IP Logged
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Hi everyone, Just like to inform you all where to get the best euro rate if you are prepared to wait and take a small gamble. Just received 390 euro and it cost me £302 (rate 1.2985)which i ordered 2 months ago with Travel Money Services.It came this morning by royal mail special delivery no problem at all. I have just phoned them to congratulate them on their service and they told me some special rates (Up to 1.15) will be on their website later today. Hope this helps as i dont see the pound recovering over the next 6 months
Message posted by kerkyra on 19 December 2008 at 2:14pm - IP Logged
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Last night the exchange rate for the Euro at www.onlinefx.co.uk/tiscali which tends to pay a higher rate was £1 = 1.0195E, today so far it is £1 = 1.0374E...Corfu like many other Euro destinations will suffer in 2009.
Message posted by nuffstrong on 19 December 2008 at 2:45pm - IP Logged
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Quote: Originally posted by nuffstrong on 19 December 2008
It's going the right way 1.07 just now.
I've been watching it most of the morning, and like you say Steve it has risen slightly by about 3cents..maybe because the Euro is down against the dollar at the moment...plus the news that the French will probably go in to recession early in 2009.
Bruce
Message posted by nuffstrong on 19 December 2008 at 7:00pm - IP Logged
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I agree with you Bruce.
Investments globally are up and down like a brides nightie.
As you say the French will go into recession early in 2009, Germany is already in recession and this will affect much of remaining Europe whilst The Bank of Japan (BOJ) has cut its key interest rate to just 0.1%, down from 0.3%, taking it lower than US rates.
Add to that the fact that the US Federal Reserve has slashed its key interest rate from 1% to a range of between zero and 0.25% then maybe things have begun to slowly flatten out.
Steve
Message posted by DavidJ on 06 January 2009 at 3:56pm - IP Logged
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Well most investors already expect the rate cut, so have already acted by selling sterling - when the rate cut does happen, it is unlikely to damage sterling much further.
Message posted by BruceAndMaria (Born again CTG member) on 06 January 2009 at 5:25pm - IP Logged
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The Pound has just reached double figures... 1.10605!!
Looking at some the the companies who sell Euros "in the future" you can get 1.15 in 2 months time, soo I'm hanging on for a while.
Nige...
Message posted by suffolk-steve on 06 January 2009 at 9:28pm - IP Logged
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Geoff, i use a nationwide flex account, transfers from the the uk to corfu will cost around £20, only when in corfu and withdraw money its at the bank rate, so im waiting to see if the euro/pound improves before i transfer anymore money, whats worrying me it 4 euros for a mythos...£4 a pint now...ouch
Message posted by Bill on 06 January 2009 at 10:05pm - IP Logged
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Quote: Originally posted by suffolk-steve on 06 January 2009
... whats worrying me it 4 euros for a mythos...£4 a pint now...ouch
Without wanting to make light of the currency situation, 4 euros for Mythos? I'm paying 1.5 euros in our local taverna at the moment Shop around, it'll be OK!
Message posted by nuffstrong on 07 January 2009 at 12:05am - IP Logged
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Commercial rate is 1.104E to a £1 just now so I bought some at 1.085 without any commision through FairFx so our moneys worth 5% more than last Saturday .
Message posted by jack london on 07 January 2009 at 2:04am - IP Logged
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jack london
i left my wallet in my friends accommodation last year, only a couple of hundred quid in it, but hes kept it safe for me, so i'm really well off!!!( well for a day or two)!!
Message posted by jack london on 07 January 2009 at 2:08am - IP Logged
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jack london
on a serious note, you can still find the large amstels in the local bars for 1 or 1.5 euros.it will be fine. you watch, we will all be buying houses in 2 years!! well thats my plan anyway
Message posted by DavidJ on 23 January 2009 at 5:43pm - IP Logged
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I'm keeping a close eye on exchange rates because we're currently living off our savings. It's £1.06 to the Euro at present. It briefly reached £1.11 last week but dipped again. We do not appear to have reached one for one at any point yet though as far as I have seen.
I'm not sure where you're getting your figures from David but I hope you're wrong. I'm checking several including Reuters on a day to day basis.
Lets hope that by the time the season starts we are back to a reasonable rate for everyone's sake.
Message posted by ecotrails on 25 January 2009 at 1:37pm - IP Logged
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Have a friend who has just come back from his 3 times a year 6 weeks in Spain trip, he goes to 'Britland' tourist and resident area, don't know which one.. but wha=en I saw him on his return and asked how his time was expecting him to chatter on about his wonderful experience as usual I got a much different Answer.
He told me it was terrible, places deserted compared with previous trips and 'Amstel' style Spanish beer prices had increased quickly from 2-3 Euros up to 5 Euros in places.... Hope the Greeks don't feel forced into putting up their prices likewise to combat the down turn in numbers...... difficult times .....
Eco
Message posted by Buxworth on 25 January 2009 at 5:05pm - IP Logged
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Did anyone watch 'This Week' on Thursday night? They ran a feature on the economy which was presented by a financial journalist. Amongst all the doom and gloom he made a prediction that the pound would be back to previous levels with the euro by the middle of this year. He sited the reason for this to be the perilous state of the economies of Mediterranean European states including Greek, Italy and Spain which he described as ‘basket cases’.
I mentioned this to a customer who is the managing director of a company that imports millions of pounds of products from Europe and he agreed. He said that he had been at a seminar in Manchester where one expert predicted that the rate would be 1.3 by the end of the year and another who said that it would be at 1.4 by June.
I’m an optimist and keeping my fingers and toes crossed.
Message posted by elizajay (Moderator) on 25 January 2009 at 7:58pm - IP Logged
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Thanks for that Buxworth, that made very interesting reading....and like you I am hoping it to be true!
Eco, my parents are in Spain at the moment (Benidorm, they go every winter) and it is buzzing...the weather is glorious and prices, although more expensive than a few years ago, are still competitive. So lets hope that our favourite Greek resorts manage to contain the prices until the euro starts to improve.....
Message posted by doug on 25 January 2009 at 10:30pm - IP Logged
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Vaughan
It did reach one for one end of December 2008 and if you paid commission to take from atm was even less.The rates quoted on exchange sites are for business rates the tourist rate is a few points less.I hope it does improve but cannot see it changing for a long time and never back to the rate we had 8 months ago.
Message posted by openside on 25 January 2009 at 11:22pm - IP Logged
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'''He sited the reason for this to be the perilous state of the economies of Mediterranean European states including Greek, Italy and Spain which he described as ‘basket cases’.'''
Im afraid Buxworth that when it comes to basket cases we are right up there with the best of 'em
the authorities in the UK have actually given the go ahead for them to start printing money, keep an eye on the gilts markets :-)
Message posted by Vaughan on 26 January 2009 at 11:53am - IP Logged
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It's worth being diligent and I guess I'm lucky with my Bank because my statements and receipts show a low of £1.05 to date, so if it did reach one for one I must have been very lucky in avoiding it. I shall be extra vigilent now to make sure I don't withdraw money on exceptionally bad days.
Beware when checking rates that many companies have a disclaimer stating that rates shown are those at which banks conduct business between themselves, which can make things look rosier than they are. Crafty huh!
Message posted by AlexT on 26 January 2009 at 12:46pm - IP Logged
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The view of most economists seems to be that there will be some kind of devaluation of the Euro this year. Of course what we don"t know is what the pound will be getting up to.
One thing seems pretty certain, we won"t be hitting a pound to one euro, forty cents in a hurry!!!
I"ll certainly take one euro, twenty cents to the pound in six months time!!
Message posted by Powerbladder on 27 January 2009 at 10:56am - IP Logged
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Well I read in the telegraph that the pound is not predicted to rise at all this year, I'm going to buy half my euros now and monitor the exchange rate. If you get charged commission you get well and truly stung! My Mums friend just came back to the UK from Corfu for a couple of months and hardly got any money for her Euros
Message posted by BruceAndMaria (Born again CTG member) on 27 January 2009 at 3:51pm - IP Logged
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