Wednesday, 9 June 2010

Wednesday, 9 June 2010

Currency situation - Ex-Pats selling to return to the UK

In this article I am going to return to the currency question, but looking at the situation exclusively from a vendor returning to the UK this time. The International Monetary Fund, a partner in the 750 billion Euro support plan, is urging the EU states to complete the currency convergence and centralise more financial control in Brussels or risk further problems ahead. It is reported that in Germany and France there is resistance as the general consensus is that their taxpayers are paying for Greece’s past profligacy. The £ for its part, remains quite strong against most currencies in spite of Prime Minister David Cameron warning of spending cuts which will be large, sustained and which will affect everyone. A good example of what is happening to vendors can be illustrated by considering a house worth 250,000 Euros. Just 3 months ago, this would have realised £153,500, whereas today this would only achieve £141,150 a potential loss of over 8%. Many vendors are speaking to our dedicated currency dealer Adam Bobroff, and have fixed forward rates, to combat the demise of the Euro, which is predicted to fall even further, even against the £. If you don't have his details let me know and I will arrange for hime to contact you at a convenient time. Whatever you do, dont use your bank to transfer your money back to the UK. Peter Elias (Agent Commercial) http://www.allez-francais.com/
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