Ireland withdrawing from the euro

[fahyil1]

If Ireland withdrew from the euro, do you know what would happen euro bank deposits in Ireland in the minutes, hours, days after? Presumably they'd lose a lot of their value. So if a business had money on deposite with AIB would it be best off divesting it into other currencies, securities etc now? And will loans still be denominated in euro, how are the icelandic managing to repay euro loans if this is the case. If €1 = IR£2 , which is what the market might do, how could anyone pay their mortgage? Can you recommend sites etc where i'd get info on all this, cos i can't find any decent one. And I think that it just might occur

[Sandy-Wroe]

I'd rather have my money in Euros rather than Punts. The chances of Ireland going back to Punts seem slim to none existent.

[Androcles]

If Ireland tried to come outof the Euro, the European Army would occupy Ireland and take over the government, and put in a Belgian Prime Minister. (I'll get me coat......)!

[New Judge]

Beware of what you joke about, Androcles!

(Or perhaps you were not joking!!!)

[jake-the-peg]

It would depend on the reason.

The mose probable reason that they would want to do this would be to devalue the currency - in which case yes obviously they would lose a lot of their value not only because of this but because of the fear of what would underlie it.

For that reason I think the Irish Government would do absolutely everything in their power to avoid it.

I would imagine that loans would be converted back to punts at the rate when the switch occurred and would then be repaid in punts much the same as what happened when Ireland went into the Euro.

But I think it's unlikely - I'm not sure the government would survive the fall-out from such a move