You would expect the Foreign Office mandarins to be prepared for every eventuality – but here’s a doomsday scenario which might just happen.British embassies are now taking active steps to prepare for the possibility of the euro collapsing – something that’s no longer as inconceivable as it once was.
The Foreign Office is preparing contingency plans to help expats from the Costa del Sol and the Algarve who could be stranded without cash – or caught up in riots and civil unrest.
As every major developed economy hits Bass’s Keynesian Endgame, the status quo is set to change dramatically. Nowhere is this climax playing out louder than in Europe and the implicit solution of Germany-uber-alles (while seemingly inevitable though nevertheless lengthy in execution) is likely to not sit well with many of the EMU nations. To wit, The Telegraph today reports that Britain’s Foreign Office is advising its overseas embassies to draw up plans to help expats should the collapse of the Euro turn explosive. Almost incredibly, a senior minister has revealed that Britain is now planning on the basis that a euro collapse is matter of time.
Students march with home-made placards during a demonstration in Madrid Thursday Nov. 17, 2011. The students are protesting education cuts after enduring nearly two years of recession prompted in part by the collapse of a real estate bubble. Spain's economy has 21.5 unemployment, posted zero growth in the third quarter and is not expected to improve much next year.It is the periodic focus of fears it will be the next euro zone country to require a bailout, after Greece, Ireland and Portugal. (AP Photo/Paul White)The Telegraph:
British embassies in the eurozone have been told to draw up plans to help British expats through the collapse of the single currency, amid new fears for Italy and Spain.As the Italian government struggled to borrow and Spain considered seeking an international bail-out, British ministers privately warned that the break-up of the euro, once almost unthinkable, is now increasingly plausible.
Diplomats are preparing to help Britons abroad through a banking collapse and even riots arising from the debt crisis.The Treasury confirmed earlier this month that contingency planning for a collapse is now under way.A senior minister has now revealed the extent of the Government’s concern, saying that Britain is now planning on the basis that a euro collapse is now just a matter of time.“It’s in our interests that they keep playing for time because that gives us more time to prepare,” the minister told the Daily Telegraph. Read the rest on:
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