euro zone and wedding venue

[BobbyBobBob]

Hi

My Fiancee and I are getting married in Spain next year and have already put a hefty deposit down for venue etc.

I heard on the news today about how poor a state these european countries are in financially,and it may lead to those in such a poor situation being kicked out of the euro zone and revert back to their original currency.

My concern is how this will have an impact on the business over in Spain with which we have paid a considerable amount of EUROS to book our reception venue amongst other things.

What happens if we have already paid half in euros and by the time we pay the rest or by the time we get married (next year) their currency has changed back to pesetas? I don't really know much about economics so just thought I'd ask on here

Thanks

[boxtops]

I wouldn't be so worried about your deposit - if it's paid it's paid, irrespective of whatever they are calling their money at the time you get married. I'd be more concerned that if the euro keeps falling, it could cost you a lot more than you expected in terms of sterling conversion.

[SpikeyBush]

Just heard today that Ireland has found an extra €3 billion that it didn't know it had, due to an accounting error. This has reduced their deficit by 0.2%.

I wish I could put my hand down the back of my sofa and find €3 Billion. Come to think of it, I wish I could find 3p

[twix123]

Should Spain have to leave the Eurozone, whatever you have paid in Euros should be converted into their new currency at whatever rate is fixed at the time. Any balance owing should be calculated at the same rate but when you come to pay you would buy the currency at the prevailing rate for Sterling.

Personally I think that if Greece were forced to leave the Eurozone, it would still take quite some time before Spain would have to take the same action. Therefore unless your wedding isn't until the end of next year, you will still be paying in Euros. But keep an eye on the situation just in case things escalate!

[boxtops]

ah that's true, well spotted Eddie.